Sebi establishes local office in Patna

New office to look after regulatory aspects of investor protection, investor education and other functions across Bihar

Market regulator Sebi today said it has established a local office in Patna, as part of its efforts to decentralise work to regional offices.

The regulator's Patna office has been established under the administrative control of its Kolkata-based Eastern Regional Office, Securities and Exchange Board of India (Sebi) said in notification dated May 8 but released today.

According to Sebi, the new office would look after the regulatory aspects of investor protection, investor education and other functions across Bihar.

"...Its role and responsibility shall extend to the areas falling under the territorial jurisdiction of the State of Bihar," Sebi said.

Besides Patna, the Mumbai-headquartered Sebi had also opened its local office in Hyderabad and Lucknow, this year.

In 2012, the regulator had set up offices in cities such as Jaipur, Bangalore and Guwahati.

Sebi, in its board meeting in July 2011, had cleared a proposal to decentralise its functions by opening regional offices.

The regulator is looking to strengthen its regional offices since physical proximity of its office to investors and intermediaries would promote deepening and broadening of the securities market.