SEBI set for major overhaul of role, vision

India Infoline News Service | Mumbai |

SEBI had engaged an independent consultant to revisit the structural and organizational issues

In order to attract household savings into stock market and to strengthen its supervisory functions, SEBI (Securities and Exchange Board of India) has decided to go for a drastic change of its role, vision and organisational set-up with a stronger workforce and greater IT resources.

SEBI had engaged an independent consultant to revisit the structural and organizational issues, re-prioritise areas of focus and to look at the technological and manpower needs of SEBI, the regulator said in its board meeting on Monday.

The Consultant submitted its recommendation before the Board which, inter-alia, included greater focus on mobilizing household savings into capital market assets, enhanced focus on supervisory functions, oversight of listed companies, re-organisation of functional departments, increase in manpower, IT strategy for organizational efficiency and improving training and performance management system, SEBI added.

Among other suggestions is to set up a centralised self-regulatory organisation (SRO) for regulation of distributors of mutual fund and portfolio management products.

The Board accepted the recommendations and agreed on the implementation plan for the same, SEBI further said.



 

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