SEBI report: Number of appeals filed in SAT rose to record 1,192 in FY23

A record number of 1,192 appeals were filed before the Securities Appellate Tribunal (SAT) during the year, Sebi's annual report released on Monday showed, according to a report by The Economic Times (ET). The number of appeals was up 53 per cent over the previous year.

The Securities and Exchange Board of India (Sebi) investigated 144 cases in the financial year 2022-23 (FY23) compared to 59 in the previous year. It inspected 42 merchant bankers in FY23 versus eight in FY22, and 833 BSE stockbrokers were inspected versus 385 in the previous year. The regulator completed adjudication proceedings against 3731 entities – 57 per cent higher than the previous year.

The regulator investigated 54 cases of fraudulent and unfair trade practices compared to 38 in the previous year. Sebi looked into practices involving price and volume manipulation.

The investigator looked into 35 financial statement fraud cases versus 12 in FY22. Sebi issued 58 cancellations of market intermediaries, more than double the previous year, and issued 24 suspensions of intermediaries compared to six in FY22. Sebi's staff grew from 980 employees in FY22 to 1073 in FY23.

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Sebi's 'implementation standard' pilot for verification requirements

On August 9, Sebi said that rumour verification requirements, regulations 30 and 30A of disclosure regulations, ESG (environmental, social, and governance) assurance and structured digital database under insider trading regulations have emerged as priority areas for its pilot around formulating standards for implementation.

"Associations have indicated a timeline of three to four months to design the standards for effective implementation of requirements in the above areas. The standards would be designed at a level of detail to demonstrate compliance with the said regulations and circulars," Sebi has said in a circular.

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The exercise is aimed at facilitating ease of implementation of new and existing regulations of Sebi.