Sebi Plans Stronger Surveillance Systems In 2013-14

Tuesday, March 26, 2013
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Mumbai: Market regulator Sebi plans to put in place a stronger and more effective surveillance system in the next fiscal 2013-14, by way of greater checks against money laundering and an overhaul of its regulations for various market entities and trade activities.

The measures proposed to be taken in the fiscal beginning next month include enhanced surveillance of derivatives market, first-stage monitoring by brokers, stronger audit mechanism for market entities and review of anti-money laundering and terror combating funding norms.

Besides, Sebi also plans to bring in guidelines to address conflict of interest for credit rating agencies, introduce regulatory framework for foreign intermediaries soliciting business from investors in India and put in place a centralised KYC framework for the entire financial sector.

The proposed steps are part of Sebi's budget proposals for the year 2013-14, which have been approved by its board and would be implemented during the course of the year.

One of the top priorities identified by Sebi for 2013-14 would be "protecting the integrity and safety of the market through a stronger and more effective surveillance mechanism and by strengthening the inspection process of intermediaries", a senior executive said.

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Source: PTI
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