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| Sebi asks bourses to preserve papers for five years |
| BS Reporter / Mumbai Dec 10, 2009, 00:41 IST |
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To ensure assistance to enforcement agencies during company investigations, the Securities and Exchange Board of India (Sebi) has asked exchanges and brokers to preserve original records for a period ranging from two to five years.
The market regulator has said stock exchanges and its members are required to maintain and preserve the specified books of account and documents for as long as five years.
In a note today, Sebi said agencies such as the Central Bureau of Investigation (CBI), police and crime branch, among others, have been collecting copies of the various records and documents during the course of their investigation.
“The originals of such documents maintained either in physical or in electronic form or in both would be required by such enforcement agencies during trial of the case also,” said Sebi today.
Further, stock brokers and sub-brokers will have to preserve the specified books of account and other records for a minimum of five years.
“If a copy is taken by such enforcement agency either from physical or electronic record, then the respective original is to be maintained till the trial or investigation proceedings have concluded,” said Sebi.
If such documents are maintained in electronic form, provisions of the Information Technology Act, 2000, in this regard are to be complied with, added the note from the market regulator.
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