According to VK Jain, president of the Midas Touch Investors Association, the minutes of the Investors’ Association meeting held on 21st December does not reflect the deliberations held, as it omits reporting of important matters and specific issues raised by IAs and the response from SEBI officials
As written by Moneylife, the attitude of the Securities & Exchange Board of India (SEBI) towards investors is best reflected in the shoddy manner in which it conducted a meeting with representatives of accredited investor associations (IAs) on 21 December 2012. Now what has come as a shocker is that the minutes of the meeting are elusive on important issues raised by IAs and replies provided by SEBI officials.
According to VK Jain, president of the Midas Touch Investors Association, the minutes of the meeting does not include important matters and specific issues raised by IA representatives.
It looks as if the minutes mention only issues that were discussed in the presence of SEBI chairman UK Sinha. Issues discussed after Mr Sinha left the meeting are rounded off in just one sentence. Here are the issues that were on the agenda...
Item No. 3 Application of Regulation 69 of the SEBI (Collective Investment Scheme) Regulations, 1999
Item No. 4 Penalty on audit firms and compensation to small investors
Item No. 5 Penalty structure for brokers and sub brokers (authorized persons) not to be identical
Item No. 6 Considering establishment of uniform listing agreement for all exchanges
Item No. 7 Issues relating to independent directors
Item No. 8 Redressal of investor complaints
Item No. 9 Any other item with permission of chair
And here is what SEBI says about it in the minutes... “Item No. 3 to 9 was discussed during the meeting and it was assured that the respective departments of SEBI would look into these items.”
We are wondering which respective department of SEBI would look into point no.9!
You may want to read details of the meeting that reflects how SEBI treats investor associations here
Here are the minutes sent by SEBI...
The regulator has asked insurance companies to lay down procedures to carry out the due...
Fixed rate long-term loan products with periodic interest reset (say every 7-10 years) may be...