American regulators are much more different.
"On the issue of tools for investigations, the case that you have cited, you know the methods that were used to crack that case," Sinha said, referring to the phone call records of people in the insider trading case involving Rajat Gupta.
"But, here we do not have access to the transcript of any communication between two persons. We are not getting even the call data records to establish that two persons have been talking to each other frequently and they are working together in insider trading cases.
"We have made a request to the government and they have assured us about it. We are hoping that it will happen soon, but so far it has not happened," Sinha had said.
To strengthen its investigation process and check any delay in prosecution of those found to be involved in frauds and other offences, Sinha had said, Sebi has also asked the government to set up special courts and provide it with stronger recovery powers by amending the Sebi Act.
Asked about these demands, Chidambaram said he was yet to come across any proposal to amend the Sebi Act.
I've not yet seen any proposal to amend the Sebi Act.... May be there is a proposal with the Capital Markets division," he said, while adding that all proposals do not come directly to him at the Finance Ministry.
"This is a huge ministry. Every proposal that comes to the ministry will not come to me in the first place. It will only come to me only after some time. Or, it will come to me when I review it periodically, these are pending. I have not yet seen the proposal," he said.
On the need for bringing a new central legislation to regulate the collective investment schemes, the Minister said it was probably under discussion.
"But I don't know what is the progress on new legislation for Collective Investment Schemes, perhaps it is under discussion. I am not familiar with the stage," he said.