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Sebi for new accounting norms for SEs, MFs

The Securities and Exchange Board of India has asked the Institute of Chartered Accountants of India to come up with new accounting norms for stock exchanges, mutual funds, provident funds and brokerage firms.

It has also asked the ICAI formulate norms for valuation of derivatives.

The market watchdog has asserted that quality of audit monitoring has to be improved further and disciplinary action against erring companies should be speeded up to check and prevent accounting lapses and financial scams.

Sebi is also working on the modalities for demutualisation of stock exchanges that will separate broker-members from the management of the bourses.

The market regulator also feels that in order to safeguard investors' interest, greater disclosure by mutual funds is necessary.

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