SEBI to set up international advisory board

The regulator is also in the process of creating a post of ‘chief economist’, and engaging an outside independent agency to make recommendations on SEBI’s organisational structure, human resources, technology and its regulatory and oversight roles

New Delhi: At a time when global financial developments hold the key to stock market movements in India, SEBI (Securities and Exchange Board of India) is planning to set up an international advisory board to assess the equity trends across the world, reports PTI.

The capital market watchdog is also in the process of creating a post of ‘chief economist’, and engaging an outside independent agency to make recommendations on SEBI’s organisational structure, human resources, technology and its regulatory and oversight roles.

These issues were discussed at SEBI’s last board meeting and the proposed steps are part of the regulator’s medium and long term measures for its roles, functions and structure.

The proposed international advisory board could meet twice a year to assess the trends in global markets and to guide the activities towards meeting the emerging challenges.

Besides, SEBI also plans to organise brain-storming sessions with international and domestic experts, including its own past chairmen.

The outside agency is proposed to be engaged within the next 9-12 months.

Of late, global developments have become key to movements in domestic market and SEBI feels that it has become important to keep a track of global developments and trends.

SEBI told its board that the events related to the recent global financial crisis have highlighted the need for continuous assessment of various developments and an immediate regulatory response.

The market regulator last went through an organisational restructuring in 2003 and the market has gone through a sea change since then.

“It is, therefore, proposed to revisit the structural and organisational issues, re-prioritise areas of focus and look at the technological and man power needs with emphasis on attracting and retaining good quality talent,” SEBI said.

SEBI has proposed this exercise to be undertaken by an independent reputed agency.

At the same time, it is planning to strengthen its internal research capabilities by hiring a chief economist, who would be given pay, benefits and other allowances equivalent to an executive director of SEBI.

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