Sebi has made significant changes to its regulatory programmes and its measures for developing the bond market are appreciated, according to the Financial Sector Assessment Programme (FSAP) report.
A joint programme of the IMF and the World Bank, FSAP undertakes a comprehensive and in-depth analysis of a country's financial sector.
The Finance Ministry today said that in relation to the securities market, the report acknowledges that Sebi has made significant changes to its regulatory programmes that directly address many recommendations contained in the detailed IOSCO (International Organisation of Securities Commissions) assessment published in 2013.
"Sebi has significantly expanded its regulatory programmes, expanded its on-site inspection programme and developed a risk-based matrix.
"The amendments to the Sebi Act have granted Sebi additional investigative powers, created a special court that handles criminal cases filed by SEBI, and gave Sebi full authority to regulate pooled investment schemes exceeding Rs 1 billion," the ministry said in a release.
Further, it said the report also appreciates the measures undertaken to quicken the pace of bond market development.
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