Sebi should seek power to tap phone calls: Panel on fair market conduct

Experts raise privacy concern; committee recommends codes of conduct to deal with insider trading

A committee on fair market conduct has suggested that market regulator, Securities and Exchange Board of India (Sebi), should seek powers to tap telephones and other electronic communication devices to check insider trading and other frauds.

Currently, Sebi has the power to only ask for call records, which includes numbers called and the duration of calls made. If the recommendation is implemented, Sebi will be able to listen in on the calls, as well as intercept other forms of electronic communication.

According to the recommendations of the report of the Committee on Fair Market Conduct, headed by former law secretary