 "(L to R) SEBI Chairman, U K Sinha, Leo Puri, Managing Director of UTI Asset Management Co. LTD. and Vladislava Ryabota, Regional Corporate Governance Lead, South Asia, IFC during the CII's 10 Corporate Governance Summit in Mumbai (pic: Suryakant Niwa")
To ensure resolution of grievances in a stipulated time-frame, the Securities and Exchange Board of India (Sebi) has decided to complete within two years all its enforcement actions— starting from launch of probe to the passing of final order.
Sebi Chairman U K Sinha Saturday said the regulator would look to reduce the time taken for passing the final orders.
Earlier, it used to take several years to come up with a final judgement and that time has been reduced, he told reporters after the board meeting in New Delhi.
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"Nothing will be pending for more than two years," Sebi Chief said adding that this will be implemented starting from the next financial year.
Sebi had earlier set a target of completing all its investigation within one year, which it has been able to meet in majority of the cases. Now it has decided to give itself a target of two years for the entire enforcement action including the investigation period, passing of interim order and then the final order.
The move follows a criticism from several quarters that Sebi takes a long period for passing a final order after the interim direction.
In August 2014, Sebi had fixed one-year target for completion of all its investigations, while sharply focusing on cases involving bigger offences.
At the same time, Sebi had expedited its probe into all long-pending cases and their numbers have been brought down drastically.
