Search the Internet          Tips  Sites: Finance, Investment

Govt decides to expand Sebi board

The government said on Monday that it has decided to expand the board of Securities and Exchange Board of India to nine members from the existing six as part of measures to strengthen the market regulator.

"The recent experiences of Sebi have shown the limitation of the Sebi Act. Therefore, the Union Cabinet has decided to expand the board from six to nine members. This will include three wholetime members other than the chairman," finance secretary S Narayan told reporters in New Delhi.

He said all the sums realised through penalties and fines by Sebi would go to the Consolidated Fund of India.

Besides, the Securities Appellate Tribunal would have three members drawn from serving or retired judges of the Supreme Court or serving or retired chief justices of high courts for empowering the tribunal to compound offences.

The Ordinance in this regard would be sent to President A P J Abdul Kalam for his assent, he said.

ALSO READ:
The SEBI Story
More Money Headlines