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Pratik Datta: Sebi needs a new regulatory structure

The stock market regulator's adjudication and executive functions should be independent of each other

Pratik Datta 

Pratik Datta The Securities Appellate Tribunal (SAT) recently held a whole-time member (WTM) of the Securities and Exchange Board of India (Sebi) responsible for misleading the tribunal. The WTM had allowed Sebi to issue a letter falsely claiming that he had passed an order. Actually, he had never passed any such order. This is a serious case of misconduct. But merely blaming the WTM would be akin to missing the forest for the trees. Underlying this incident is a deeper fault in the regulatory architecture of Sebi - the lack of a separate adjudication wing. In Adventz Finance Pvt. Ltd. v Sebi, SAT gave ...

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Pratik Datta: Sebi needs a new regulatory structure

The stock market regulator's adjudication and executive functions should be independent of each other

The stock market regulator's adjudication and executive functions should be independent of each other The Securities Appellate Tribunal (SAT) recently held a whole-time member (WTM) of the Securities and Exchange Board of India (Sebi) responsible for misleading the tribunal. The WTM had allowed Sebi to issue a letter falsely claiming that he had passed an order. Actually, he had never passed any such order. This is a serious case of misconduct. But merely blaming the WTM would be akin to missing the forest for the trees. Underlying this incident is a deeper fault in the regulatory architecture of Sebi - the lack of a separate adjudication wing. In Adventz Finance Pvt. Ltd. v Sebi, SAT gave ... image
Business Standard
177 22

Pratik Datta: Sebi needs a new regulatory structure

The stock market regulator's adjudication and executive functions should be independent of each other

The Securities Appellate Tribunal (SAT) recently held a whole-time member (WTM) of the Securities and Exchange Board of India (Sebi) responsible for misleading the tribunal. The WTM had allowed Sebi to issue a letter falsely claiming that he had passed an order. Actually, he had never passed any such order. This is a serious case of misconduct. But merely blaming the WTM would be akin to missing the forest for the trees. Underlying this incident is a deeper fault in the regulatory architecture of Sebi - the lack of a separate adjudication wing. In Adventz Finance Pvt. Ltd. v Sebi, SAT gave ...

image
Business Standard
177 22