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The Securities and Exchange Board of India (Sebi) estimates a budget deficit of Rs 108 crore for financial year 2013-14. It expects to meet the shortfall from its reserves, according to the agenda for its board meeting on March 8.
Sebi had surplus funds of Rs 1,000 crore, according to the Comptroller and Auditor General of India (CAG) as of March 2010. More recent figures were not available on the CAG website or in Sebi’s annual reports.
The regulator expects its income to go up from Rs 348 crore estimated for FY13 to Rs 359 crore in FY14, according to the agenda papers. The major sources of revenue are income from intermediaries’ fees at Rs 166 crore and income from investment at Rs 180 crore.
Total revenue expenditure would be Rs 201 crore, up 7.5 per cent over last year. This comprises establishment expenses of Rs 131 crore and other administrative expenses of Rs 70 crore, constituting 65.3 per cent and 34.7 per cent, respectively, of the total revenue expenditure.
The regulator had planned to disburse Rs 30 crore to the National Institute of Securities Markets during FY13. This had yet to be done. NISM had requested for this to meet the expenditure on its campus at Patalganga. Further, the NISM Board on February 20 had approved a proposal to request Sebi for another Rs 145 crore during 2013-14 as corpus contribution for the campus.
Estimates for the budget for the Investor Protection and Education Fund say there would be planned expenditure of Rs 75 crore from it, though the total amount in the Fund as on January 31, 2013, was Rs 55 crore. “…a separate proposal for additional fund for IPEF may be placed before the Board,” said the agenda for the board meeting.
