The measures proposed to be taken include enhanced surveillance of derivatives market, first-stage monitoring by brokers, stronger audit mechanism for market entities and review of anti-money laundering and terror combating funding norms
Market regulator Securities and Exchange Board of India (SEBI) is working on plans to bring in a stronger and more effective surveillance system in fiscal 2013-14, by way of greater checks against money laundering and an overhaul of its regulations for various market entities and trade activities.
The measures proposed to be taken in the fiscal beginning next month include enhanced surveillance of derivatives market, first-stage monitoring by brokers, stronger audit mechanism for market entities and review of anti-money laundering and terror combating funding norms.
Besides, SEBI also plans to usher in guidelines to address conflict of interest for credit rating agencies, introduce regulatory framework for foreign intermediaries soliciting business from investors in India and put in place a centralised KYC framework for the entire financial sector.
The proposed steps are part of SEBI’s budget proposals for fiscal 2013-14, which have been approved by its board and would be implemented during the course of the year.
One of the top priorities identified by SEBI would be “protecting the integrity and safety of the market through a stronger and more effective surveillance mechanism and by strengthening the inspection process of intermediaries”, a senior executive said.
SEBI is also planning to strengthen its manpower in the next fiscal, besides greater efforts towards training and skill building of existing staff members.
The regulator would also strengthen its Data Warehousing and Business Intelligence System (DWBIS), the project which has been initiated in phases to generate reports to identify, detect and investigate aberrations and market abuses that undermine market integrity.
SEBI also said that it is necessary for the intermediaries to maintain high levels of compliance with the stipulated norms.
In order to provide services to the investors at their doorstep and to promote a balanced securities market, SEBI is also working on enhancing the physical proximity of SEBI offices to investors and intermediaries.
While ten new local offices are expected to be functional by the end of this month, six more local offices are proposed to be opened during the year 2013-14.
Enthused by a significant increase in receipt of grievances due to its mass media campaign in 2012-13, SEBI plans to further strengthen the campaign in next fiscal.
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According to the state home minister, the video footage of the incident showed that the cop used foul language against the MLAs inside the assembly premises
Maharashtra's home minister RR Patil on Monday suspended Sachin Suryavanshi, the assistant sub-inspector (ASI) who was beaten by members of legislative assembly (MLAs) last week in the assembly premises over a minor dispute.
Patil in a statement in the Vidhan Sabha (the lower house) said that he saw the video footage of the incident and found that Suryavanshi had used a language, not suitable for a police officer, against the MLAs.
Meanwhile, both the MLAs, Ram Kadam (Maharashtra Navnirman Sena-MNS) and Kshitij Thakur (Bahujan Vikas Agadhi), who were arrested last week, were released on bail today. Metropolitan magistrate UM Padwad, while granting bail noted that further custody of the MLAs was not required.
On 19th March, a first information report (FIR) was registered against Thakur, Kadam and 14 others at the Marine Drive police station for allegedly beating up Suryavanshi inside the Vidhan Bhavan premises. Suryavanshi is attached to Worli Traffic Police in Mumbai.