Centre turns down Sebi request to tap phones in insider trading cases

The latest request was made after it was found that sensitive information pertaining to some of the marquee companies was being leaked by some or the other source

The Centre has rejected the Securities and Exchange Board of India’s (Sebi’s) proposal for being granted the powers to tap phone calls to book those doing insider trading.

The government authority concerned is learnt to be of the view that access to the details of phone calls should be used in only cases such as threats to national security, terror financing, and money laundering. 

According to government sources, such powers are the last resort and are meant to be used sparingly because they conflict with fundamental rights. Besides, if it gives such powers to one regulator, it has to give them to