Sinha will take over on February 17 next year when incumbent C B Bhave's term ends
Securities and Exchange Board of India (Sebi) chairman C B Bhave on Tuesday criticised market intermediaries that devise innovative products, saying they were nothing but ways to conceal high leverage.
The Supreme Court has dismissed many petitions in the past but rarely has the country's apex court accused the petitioners of being "stool pigeons" of powerful corporate lobbies.
A 1976 batch IAS officer of the Bihar cadre, Sinha replaces C B Bhave who retires on February 17, 2011.
Bhave, a former civil servent, had headed the country's leading depository, National Securities Depository Limited, and was one of the first senior executive directors to come on Sebi's board.
Securities & Exchange Board of India (Sebi) Chairman C B Bhave has for the first time publicly backed the Bimal Jalan committee report on the working of capital market infrastructure institutions (MIIs). The report was placed in the public domain on November 24 and received scathing criticism from industry players.
Asked if PSUs like NHPC and Oil India would get extension if they are unable to come out with the public issue within the stipulated time, he said Sebi's nod has one-year validity and the same rules would apply to them. As per the clearances given by Sebi for the draft shareholding prospectus, the two PSUs have time till September to launch their public issues and in case it is delayed beyond this point, they will have to start the process afresh.
Case relates to alleged irregularities in '08 sanction to MCX-SX; Shah grilled in NSEL case.
C B Bhave, chairman and managing director of National Securities Depository Ltd (NSDL), is believed to be leading the race for the sixth chairman of the Securities and Exchange Board of India (Sebi).
Union minister Jairam Ramesh on Tuesday attacked the Central Bureau of Investigation for initiating preliminary enquiry against ex-SEBI chairman C B Bhave and ex-member K M Abraham on the issue of granting sanction to MCX Stock Exchange, and alleged that "larger forces" were working to fix them.
The decision to quiz Sinha, as also former Sebi Chairman M Damodaran, was taken after examination of another former Sebi chief C B Bhave earlier this month, during which the agency sleuths were told that public interest was involved in grant of licence to MCX-SX to trade in currency derivatives.
Excerpts from Sebi Chairman C B Bhave's discussions with the media after the regulator's board met in Mumbai on Monday.
"We don't really have evidence that short-sellers are driving the market down," Sebi Chairman, C B Bhave, told reporters on the sidelines of a conference. The Sebi chairman said that though some western markets had banned short-selling, their markets had continued to decline further. "Their (financial) institutions failed one after another. Some of them have re-started short-selling in their markets," Bhave said.
Last week, a Sebi-RBI committee had recommended introduction of currency futures markets, initially for dollar-rupee contract, to enable investors manage volatility in the currency market. The committee had suggested that the minimum size of the currency futures contract at the introduction would be $1,000.
"The main reason I took up the Sebi job was my training as a public servant. When the PM or the FM asks you to take up a challenge, it is your duty to point out the difficulties but you simply can't say no," he says.
SEBI chairman C B Bhave on Friday said the market watchdog is planning to introduce more currency derivatives products, beginning with options, to give a wider choice to investors.
The Sebi chairman had started a series of meetings in New Delhi from Saturday when he met corporate affairs minister Prem Chand Gupta and his secretary Anurag Goel.
Amid reports that it may not want market regulator SEBI Chairman C B Bhave to continue beyond February next, government has kicked off a search process for the next incumbent.
Market regulator Securities and Exchange Board of India (Sebi) on Monday said it is looking at extending trading hours at the bourses but any early decision on it is unlikely.
Further, the market regulator has not got any request from the Satyam board asking for an extension to publish the financial results. However, Sebi will consider the request if they receive it, clarified Sebi Chairman C B Bhave who was briefing mediapersons after the Sebi board meeting.
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
The Securities & Exchange Board of India (Sebi) pulled up investment bankers for holding the interests of promoters above those of investors. "If you look at maximising the price for promoters, then obviously you are not looking after the interests of investors," said Sebi Chairman C B Bhave.
The Securities and Exchange Board of India (Sebi) has decided against filing a joint application before a court to resolve its dispute with the Insurance Regulatory and Development Authority over unit-linked insurance plans.
The latest request has been made by Sebi chairman U K Sinha after his predecessor C B Bhave failed at least twice in his attempts to secure an authorisation for Sebi to tap phone for its surveillance and investigative actions.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
In March, Sebi had decided to allow physical delivery in the equity derivatives segment to bring down speculation in the stock markets and had said it will hold talks with the stock exchanges and work on the system.
Details of the hearing could not be ascertained. Last month, Sebi had dismissed the recommendations made by a committee in two of three matters filed on the subject.
A bench of justices S S Nijjar and P C Ghose dismissed a public interest litigation challenging the appointment of Sinha, observing that the petition was not maintainable on various grounds but it had decided to hear it as the appointment to a very senior position was challenged.
Market regulator, Securities and Exchange Board of India, has directed foreign institutional investors to disclose more information about their investment structure in India.
"The listing time should come down to seven days... primary market is still somewhat inefficient compared to the secondary market," Sebi Chairman, CB Bhave said.
The Raju brothers, along with Satyam's former CFO Vadlamani Srinivas, are in judicial custody awaiting charges to be filed against them. On January 7, Raju disclosed that he had falsified profits and created fictitious assets in the company, which is now being administered by a government-appointed board.
Investment bankers have dismissed the capital market regulator Sebi's concerns over near-zero fee for managing public sector issues.
Market regulator SEBI on Tuesday said it will be able to take action against the culprits in Satyam accounting fraud case in the next one year.
The Securities and Exchange Board of India, or Sebi, on Thursday said investors will not be allowed to exit close-ended mutual fund schemes before they mature and asked fund houses to list them on stock exchanges.
Sebi's remarks assume importance as the benchmark equity index, Sensex, has surged by over 75 per cent this fiscal to 16,998.78 points.
Capital market watchdog Sebi on Friday said foreign institutional investors have to, by October one, end the practice of investing money collected from a single or few investors in stocks, as a guard against manipulation.
On January 5, BSE chief executive officer, Madhu Kannan, had said that the country's premier bourse would announce the launch of its SME Exchange within a fortnight.
Sebi's latest direction is against floating any new product.
The Bombay Stock Exchange is set to see a reshuffle in its board of directors, the first since the country's oldest bourse was demutualised and became a limited company last year. The reshuffle, details of which are yet to be discussed, is widely believed to be at the behest of market regulator Securities and Exchange Board of India.
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