 "SAT puts a timeline on LTCG investigations")
This is because the Securities and Appellate Tribunal has passed an order in July, directing the markets regulator to conclude investigations by June 2016. The direction was given in the matter of First Financial Services.
"We direct that Sebi shall conclude the investigation and pass appropriate order on merits and in accordance with law as expeditiously as possible preferably by June 30, 2016," stated the SAT order passed in July this year.
Sebi on its part stated that it has already awarded hearing to 89 entities and the hearing in case of remaining 63 entities have been fixed between September 8, 2015 to September 10, 2015.
Sebi in the past year has passed orders against close to 1,000 entities and it is anticipated that Rs 8,000 crore of tax evasion happened through the stock exchange platform.
Recently, Sebi contended that tackling growth of undisclosed money or collecting tax revenue was not its primary task.
"You should appreciate that of all the agencies in the government Sebi is the first one which has by way of doing its normal duty of checking the manipulation of the market also come across an instance were tax was evaded. Sebi has passed on this information to the authorities," Sinha said. The main job, contended U K Sinha, it head, was to protect the interest of investors and see that the market was not manipulated.