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Sebi plans to overhaul stock exchange norms

In line with Bimal Jalan panel proposals, new rules may allow exchanges to revise directors' pay

Samie Modak & Shrimi Choudhary  |  Mumbai 

Sebi board discusses big bang issues; new stock exchange rules on cards

The Securities and Exchange Board of India (Sebi), at its board meeting in New Delhi on Saturday, proposed to review regulations for and clearing corporations.

The market regulator said it would float a discussion paper. The proposal is in line with recommendations of a committee headed by Bimal Jalan, former Reserve Bank of India governor.



Sources said the new regulations might allow and clearing corporations to align salaries of their directors with the Companies Act. At present, directors of are paid only sitting fees.

The customary post-Budget board meeting was attended by Finance Minister and newly appointed Chairman This was outgoing chairman U K Sinha’s last board meeting.

also discussed allegations of unfair access at the National Stock Exchange’s (NSE’s) facility and reviewed the participatory note (p-note) framework.

On the issue of unfair access at the NSE, said its technical advisory committee and the exchange’s board were addressing concerns related to systems and processes. “The board took note of steps taken by to strengthen data dissemination, monitor service quality of data feeds, manage system load, and direct connectivity between facilities of exchanges,” said in a release.

The faces allegations of allowing unfair access to trade data to some brokers at a facility, which came to light in 2012 after a whistleblower wrote to

Graph
The regulator hinted that the unfair access issue would not delay the NSE’s initial public offering. The exchange has filed an offer document with for a Rs 10,000-crore

On p-notes, said, “Consistent tightening of norms has not only increased compliance but also improved transparency.” It added the simultaneous liberalisation of the registration process for overseas investors had made participatory notes less attractive.

pointed out the notional value of as a percentage of overall foreign portfolio investor assets had declined from 55.7 per cent in June 2007 to 6.7 per cent in December 2016. A special investigation team on black money had argued were being used by Indian companies to bring back unaccounted money.

The board also discussed the action taken against brokers in the Rs 5,600-crore National Spot Exchange scam. has sent notices to five brokers for alleged violation of securities norms, which include false assurances to investors, wrong and misleading statements, arbitrage products sold with assured returns, misselling in terms of risk suitability for clients, and client-code modification.

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Sebi plans to overhaul stock exchange norms

In line with Bimal Jalan panel proposals, new rules may allow exchanges to revise directors' pay

In line with Bimal Jalan panel proposals, new rules may allow exchanges to revise directors' pay The Securities and Exchange Board of India (Sebi), at its board meeting in New Delhi on Saturday, proposed to review regulations for and clearing corporations.

The market regulator said it would float a discussion paper. The proposal is in line with recommendations of a committee headed by Bimal Jalan, former Reserve Bank of India governor.

Sources said the new regulations might allow and clearing corporations to align salaries of their directors with the Companies Act. At present, directors of are paid only sitting fees.

The customary post-Budget board meeting was attended by Finance Minister and newly appointed Chairman This was outgoing chairman U K Sinha’s last board meeting.

also discussed allegations of unfair access at the National Stock Exchange’s (NSE’s) facility and reviewed the participatory note (p-note) framework.

On the issue of unfair access at the NSE, said its technical advisory committee and the exchange’s board were addressing concerns related to systems and processes. “The board took note of steps taken by to strengthen data dissemination, monitor service quality of data feeds, manage system load, and direct connectivity between facilities of exchanges,” said in a release.

The faces allegations of allowing unfair access to trade data to some brokers at a facility, which came to light in 2012 after a whistleblower wrote to

Graph
The regulator hinted that the unfair access issue would not delay the NSE’s initial public offering. The exchange has filed an offer document with for a Rs 10,000-crore

On p-notes, said, “Consistent tightening of norms has not only increased compliance but also improved transparency.” It added the simultaneous liberalisation of the registration process for overseas investors had made participatory notes less attractive.

pointed out the notional value of as a percentage of overall foreign portfolio investor assets had declined from 55.7 per cent in June 2007 to 6.7 per cent in December 2016. A special investigation team on black money had argued were being used by Indian companies to bring back unaccounted money.

The board also discussed the action taken against brokers in the Rs 5,600-crore National Spot Exchange scam. has sent notices to five brokers for alleged violation of securities norms, which include false assurances to investors, wrong and misleading statements, arbitrage products sold with assured returns, misselling in terms of risk suitability for clients, and client-code modification.
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Business Standard
177 22

Sebi plans to overhaul stock exchange norms

In line with Bimal Jalan panel proposals, new rules may allow exchanges to revise directors' pay

The Securities and Exchange Board of India (Sebi), at its board meeting in New Delhi on Saturday, proposed to review regulations for and clearing corporations.

The market regulator said it would float a discussion paper. The proposal is in line with recommendations of a committee headed by Bimal Jalan, former Reserve Bank of India governor.

Sources said the new regulations might allow and clearing corporations to align salaries of their directors with the Companies Act. At present, directors of are paid only sitting fees.

The customary post-Budget board meeting was attended by Finance Minister and newly appointed Chairman This was outgoing chairman U K Sinha’s last board meeting.

also discussed allegations of unfair access at the National Stock Exchange’s (NSE’s) facility and reviewed the participatory note (p-note) framework.

On the issue of unfair access at the NSE, said its technical advisory committee and the exchange’s board were addressing concerns related to systems and processes. “The board took note of steps taken by to strengthen data dissemination, monitor service quality of data feeds, manage system load, and direct connectivity between facilities of exchanges,” said in a release.

The faces allegations of allowing unfair access to trade data to some brokers at a facility, which came to light in 2012 after a whistleblower wrote to

Graph
The regulator hinted that the unfair access issue would not delay the NSE’s initial public offering. The exchange has filed an offer document with for a Rs 10,000-crore

On p-notes, said, “Consistent tightening of norms has not only increased compliance but also improved transparency.” It added the simultaneous liberalisation of the registration process for overseas investors had made participatory notes less attractive.

pointed out the notional value of as a percentage of overall foreign portfolio investor assets had declined from 55.7 per cent in June 2007 to 6.7 per cent in December 2016. A special investigation team on black money had argued were being used by Indian companies to bring back unaccounted money.

The board also discussed the action taken against brokers in the Rs 5,600-crore National Spot Exchange scam. has sent notices to five brokers for alleged violation of securities norms, which include false assurances to investors, wrong and misleading statements, arbitrage products sold with assured returns, misselling in terms of risk suitability for clients, and client-code modification.

image
Business Standard
177 22