Sebi Strengthens Its Investigation, Legal Arms

Mumbai, Nov 13: | Updated: Nov 14 2003, 05:30am hrs
In order to achieve its goal of being a proactive regulator, the Securities and Exchange Board of India (Sebi) is strengthening its investigation and legal departments by recruiting more officials and providing them with rigorous training.

After launching a Yearbook 2002 of the Indian Venture Capital Association (IVCA) GN Bajpai, Sebi chairman while speaking to reporters said, We as a regulator are always vigilant and that is the reason why we have increased the strength of officials in our investigation and legal departments.

On the issue of Securities Appellate Tribunal (SAT) rejecting almost all the findings of Sebi in the recent past, Mr Bajpai said, Its a higher body in its status and it would not be fair to comment on its action. Whenever any judgement pronounced by it will discomfort us, we will approach the superior authority in that case.

In this connection only Mr Bajpai said, the new officials recruited have been trained internally, to beef up their skills in their respective responsibility. For example, officials in the legal department are being trained to draft letters, notices and other documents by making sufficient use of legal parlance. Besides our plan to set up a national level institute for capital market is also making steady progress.

On the issue of foreign institutional investors (FIIs) investment in the Indian capital markets and the share of participatory notes (PNs), Mr Bajpai said, We have made the procedure of filing documents by FIIs more transparent and the response we have received from these players has been very encouraging. As a regulator we are keeping close watch on every one including FIIs, he added.