Sebi Plans Shifting To Bandra-Kurla Complex

The Securities and Exchange Board of India (Sebi) is going to suburbs! The capital market watchdog is planning to shift its headquarters from south Mumbai to the Bandra-Kurla Complex in western suburbs.

The process has already been initiated and the shift could take place soon. The markets watchdog at present operates out of Mittal court at Nariman Point where it occupies the first floor of one wing and part of the ground floor of another wing. Though there are around 200-odd personnel in its Mumbai office, Sebi is looking for more space as it is planning to expand its staff strength through a recruitment drive.

 

The Bandra-Kurla Complex (BKC), which is situated in the western suburbs, has become the favoured destination for a host of business entities, particularly the financial services sector.

BKC is developing as a major hub for business activities because of its ideal location with access from all directions. Lower costs associated with premises in the suburbs are another reason for the financial entities taking up office space here.

Among the first to move was ICICI Bank (former ICICI), around three years back. Since then, there has been a virtual exodus of top banks and financial institutions from south Mumbai. National Stock Exchange, IL&FS, Unit Trust of India, Citibank, Nabard are among the more prominent companies which have set up their base of operations here. The Reserve Bank of India too has set up a complex there and has moved some of its divisions there. The latest to inaugurate its state-of-the-art headquarters here is Bank of Baroda. Bank of India will be moving here soon.

Sebi is believed to be mulling options of either building its own office space in BKC, renting space in some of the existing buildings or even buying up some floors there.