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SEBI FUNCTIONS & RESPONSIBILITIES
FUNCTIONS AND RESPONSIBILITIES OF SEBI SEBI
has to be responsive to the needs of three groups, which constitute the market:
1) The issuers of securities 2) The investors 3) The market intermediaries. SEBI
It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity.
Though this makes it very powerful, there is an appeals process to create accountability. There is a Securities Appellate Tribunal which is a threemember tribunal and is presently headed by a former Chief Justice of a High Court - Mr. Justice NK Sodhi. A second appeal lies directly to the Supreme Court.
SEBI has enjoyed success as a regulator by pushing systemic reforms aggressively and successively (e.g. the quick movement towards making the markets electronic and paperless rolling settlement on T+2 basis). SEBI has been active in setting up the regulations as required under law.
SEBI has also been instrumental in taking quick and effective steps in light of the global meltdown and the Satyam fiasco. It had increased the extent and quantity of disclosures to be made by Indian corporate promoters. More recently, in light of the global meltdown, it liberalised the takeover code to facilitate investments by removing regulatory structures. In one such move, SEBI has increased the application limit for retail investors to Rs 2 lakh, from Rs 1 lakh at present.
POWERS OF SEBI For
the discharge of its functions efficiently, SEBI has been invested with the necessary powers which are: 1) To approve byïlaws of stock exchanges. 2) To require the stock exchange to amend their
byïlaws. 3) Inspect the books of accounts and call for
periodical returns exchanges.
from
recognised
stock
4) Inspect the books of accounts of a financial
intermediaries.
5)
Compel certain companies to list their shares in one or more stock exchanges.
6) Levy fees and other charges on the
intermediaries for performing its functions. 7) Grant licence to any person for the purpose of
dealing in certain areas. 8) Delegate powers exercisable by it. 9) Prosecute and judge directly the violation of
certain provisions of the companies Act.
COMMITTEES OF SEBI 1) Technical Advisory Committee 2) Committee for review of structure of market
infrastructure institutions 3) Members of the Advisory Committee for the
SEBI Investor Protection and Education Fund 4) Takeover Regulations Advisory Committee 5)
Primary Market Advisory Committee (PMAC)
6) Secondary Market Advisory Committee (SMAC)
7)
Mutual Fund Advisory Committee
8)
Corporate Bonds Committee
9)
Takeover Panel
&
Securitization
Advisory
10) SEBI Committee on Disclosures and Accounting
Standards (SCODA) 11) High
Powered Advisory Committee on consent orders and compounding of offences
12) Derivatives Market Review Committee 13) Committee on Infrastructure Funds
