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Tuesday, April 1, 2014

SEBI can now hike its penalties; police to help in searches

SEBI can now hike its penalties; police to help in searches

WITH re-promulgation of the much-awaited SEBI ordinance, the market regulator can now enhance its own penally against defaulters with in three months while it can avail services of police and Central Government officers for search and seizure operations. These powers arc in addition to those granted to SEBI through earlier two ordinances. the last of which lapsed in January.
The new ordinance has come into effect from March 28 and has restored many other powers to more effectively crackdown on schemes and other manipulative activities.
The ordinance vests with die Securities and Exchange Board of India (SEBI) various powers, including earning out search and seizure operations, and calling for information from hank, corporation, hoard or any other authority. It also allow: the regulator to seek telephone cal data records. SEBI would have pow ers to increase the penalty on at erring entity within three months o passing an order provided the con cemed person is given an opportunity to he heard in the matter. In case, the board considers that th( order passed by the adjudicating officer "is erroneous to the extenttfaa it is not in the interests of the secu rities market, it may. after makinj or causing to be made such inquin as it deems necessary, pass an orde enhancing the quantum of penalty if circumstances of the case so jus tify". Such an action could be ini tiated only within three months from the date of passing an order by adju dicating officer proposal of appeal whichever is earlier, as per ordinance, re-promulgated for third line by the President on March 28.

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