What the government has proposed is basically rationalisation of the different laws and it will be very helpful for SEBI from an administrative point of view. It could even provide market intermediaries and the investor community at large with better clarity in terms of the legalities of certain matters as, at times, different Acts could provide a conflicting scenario. The capital markets regulator has largely been looked upon as an efficient regulator and while there have been a few cases of inordinate delays in investigations, the Indian stock market is considered to be robust with strong settlement and surveillance mechanisms.Ī common code could enhance the operational efficiencies in terms of bringing down the turnaround time in terms of regulatory approvals. Would Sebi be a better regulator with a single Securities Markets Code? While designing a single code, the policy makers could address all the current ambiguities in the regulatory framework and also introduce provisions that may be currently missing,” added Chitlangi. “A single code would consolidate all the regulations thereby providing operational efficiency to the regulator and will also provide an opportunity to remove outdated provisions and have a lean code, which is more in sync with the current ecosystem. “There are a lot of overlapping regulations that require tweaks or amendments and a single Securities Markets Code could just achieve that,” said Tejesh Chitlangi, Senior Partner, IC Universal Legal. Unlocking opportunities in Metal and Mining.Interview Series Business In The Week Ahead.
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