CVC seeks info from Finmin on SEBI member appointment
PrintListen to this Article
In the letter, dated October 15, a copy of which is available with Business Standard, the commission has stated that it has received a complaint that Saran’s appointment took place without the clearance from the ministry.
“The Department of Economic Affairs (DEA) is requested to verify all such appointments of whole-time members in Sebi and to confirm that such appointments of whole-time members were made with necessary vigilance clearance,” stated the CVC. An email sent to the Sebi did not elicit any response.
The complaint was first made by Radhey Shyam Agarwal, former senior manager, Bank of Rajasthan. He had alleged that the vigilance clearance was given internally by the then Sebi vigilance officer.
As per the procedures for appointment of chairman and members, vigilance clearance is granted by the concerned ministry. In the case of Sebi, the concerned ministry department is DEA. The CVC and the government have been arguing for over a decade on oversight of regulatory authorities such as Sebi and Insurance Regulatory and Development Authority of India (Irdai).
The CVC has since 2004 been seeking from its controlling ministry, the department of personnel and training (DoPT), a list of regulatory bodies under its jurisdiction.
According to the CVC website, the commission has vigilance powers over central government officials, executives in PSUs, banks and insurance companies, and staff of the Reserve Bank of India, NABARD and SIDBI. Quasi-judicial bodies like Irdai, Telecom Regulatory Authority of India and Sebi do not figure in the list. But, for now, the issue has been put to rest as recently the two government departments have come to an understanding that Sebi and Irdai are governed by CVC regulations. “Sebi and Irdai appear to be under the impression that they are not subject to CVC jurisdiction. But based on discussion with DEA and department of financial services (DFS) it has been settled that they are also under CVC jurisdiction. We will formalise it shortly, to clear the matter,” said a senior ministry official. (Business Standard)
Category : SEBI | Comments : 0 | Hits : 352
A financial influencer, also known as finfluencer, who was also involved in imparting training related to stock market trading has been asked to part with a little over ?12 crore, which it made unlawfully. The funds are to be credited or deposited by Ravindra Balu Bharti into an interest-bearing escrow account that has been set up in a nationalised bank especially for that purpose. The regulator stated in an order that the escrow account(s) would establish a lien in favour of SEBI and that th...
The Securities and Exchange Board of India (Sebi), the country's market regulator, has announced the launch of an optional same-day (T+0) settlement cycle for a select group of 25 stocks starting March 28, as per a circular published on its website last Thursday. This new initiative, referred to as the beta version, is set to coexist with the traditional next-day (T+1) settlement cycle, where trades are settled within 24 hours of execution. The T+0 settlement option will be available for ...
Capital markets regulator Sebi on Thursday slapped a fine of Rs 48 lakh on eight entities, including promoters of United Polyfab Gujarat Ltd (UPGL), for manipulating the share prices of the company. These entities have to pay the penalty jointly and severally within 45 days, as per an order. The order came after Sebi conducted an investigation of UPGL and trading by certain entities in the scrip of the company, to ascertain whether there was any violation of the provisions of the PFUTP (Pr...
Sebi alerts investors about the growing trend of unregistered entities falsely claiming Sebi registration and offering unrealistic returns. Investors are advised to verify the registration status and consider the inherent risks associated with high-return investments. The Securities and Exchange Board of India (Sebi) has issued a warning to investors, cautioning them against investing money with unregistered entities that promise assured or exceptionally high returns on investments. This advi...
Capital markets regulator Sebi on Thursday issued orders of action against 15 guest experts of the Zee Business channel for unlawful trading. The entities made unlawful gains to the tune of Rs. 7.41 crore from such trades and the profit was shared with guest experts as per prior understanding, Sebi noted. The market regulator also asked the guest experts to pay Rs.7.41 crore. The guest experts appeared on the Zee Business channel from 1 February 2022 and 31 December 2022. "The facts of t...
Comments