Home > Money > Budget > Budget News & Analysis FEBRUARY 26, 2002 | 12:35 IST    Feedback 


     
Interviews
Business Headlines
Corporate Headlines
Columns


 Portfolio Tracker
 

  My Portfolio

The Union Budget 2001-02
Economic Survey 2001-02
Exim Policy 2001-02
Credit Policy 2001-02
Railway Budget 2001-02
Budget Tutorial
Budget Process
Budget 2000-01
Budget 1999-2000
 



Govt hints at more teeth for SEBI

The Economic Survey 2001-2002 on Tuesday hinted at giving more teeth to the Securities and Exchange Board of India limiting, however, its biting strength.

It quotes an expert committee report on investor protection which had recommended that SEBI have the power to investigate without the authority to award-compensation.

The survey, presented in Parliament by Finance Minister Yashwant Sinha, quotes the recommendations of the committee on investor protection headed by N L Mitra. ''Sebi should be the only regulator of capital market; it should be an on-and-off-the-field regulator, and it should be given powers for investigation; it must also have powers to attach public funds and all converted assets to prevent misappropriation; but it cannot have powers to award compensation, which is the job of the judicial forum,'' the committee had suggested.

The committee had recommended setting up of a judicial forum to redress investor grievance concerning award of compensation.

Referring to the repeated problems faced by the unit trust of India, particularly in its flagship US-64 scheme, the survey indicates that further steps would be taken to turn Unit Trust of India into a normal SEBI-regulated mutual fund.

The government, in the past, has intervened on several occasions in the US-64 scheme. These include extended repurchase facility, buyback through a special unit scheme of 1999 and the limited repurchase facility of July, 2001.

UNI

YOU MAY ALSO WANT TO READ:
The Economic Survey 2001-02
The Rediff Budget Special
The Economic Survey 2001-02
Run-Up To The Budget
Money


 
   1996 - 2002 rediff.com India Limited. All Rights Reserved.