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Capital markets regulator Sebi has begun search for office premises in Srinagar and Shimla as part of its plans to move closer to the investors and market entities operating from the two northern states.
Sebi plans to take the premises in both the cities on lease for up to nine years and it is looking to make these local offices operational in the current fiscal itself.
The offices are being set up as part of the regulator's stated objective to enhance its physical proximity to the investors and market intermediaries by establishing a presence closer to their doorsteps in different parts of the country.
Sebi's board in March this year had approved a proposal to open six new local offices during 2013-14, on top of its existing regional and local offices in various cities.
The new offices were proposed for the cities of Ranchi, Raipur, Panaji, Shimla, Dehradun and Srinagar.
The proposed local office in Srinagar would cater to the individuals and entities in the state of Jammu & Kashmir, while that in Shimla would focus on Himachal Pradesh.
The Securities and Exchange Board of India (Sebi), which regulates the entire gamut of capital markets including stocks, mutual funds and investment schemes, is looking for ready-for-possession office premises having built-up area of approximately 2,500 square feet in each of the two cities.
In two separate tenders for the two cities, Sebi said that the interested parties need to submit their offers within 15 days (by August 22, 2012), providing the property and financial details.
For Srinagar office, Sebi said that the premises should be located in areas like Boulevard, Gupkar Road, Sonawar, Rajbagh and Chasmaha Sahi. In Shimla, Sebi is looking for a office premise in New Shimla, Chota Shimla, Khamini and Mall areas.
Sebi said that it wants the premises to have "easy access to public transport, water and electricity connection, sufficient parking space and approvals from all local and statutory authorities."
Preference would be given for suitability of location, maintenance and to the premises "having good view". Sebi said that the premises would be leased out for three terms of three years each -- ie an initial lease for three years and further renewal for another two terms of three years each.
