Sebi revenues fall 27%

Revenues of Securities and Exchange Board of India (Sebi) has dipped 27 per cent during 2003-04 to Rs 87.88 crore from the previous year's Rs 120.56 crore.

According to he annual report of the markets regulator most of the decrease has taken place in the case of recurring revenue, which has gone down to Rs 72.67 crore from Rs 107.90 crore laast year. Non-recurring revnue has also shown a decrease to Rs 15.20 crore from Rs 12.66 crore in the pevious year.

The securities watchdog has taken a hit in the fees and chages received from brokers and sub-brokers during the year. For the year 200-03-04 the regulator received Rs 63.44 crore from this segment as fees, while for the previous year it collected Rs 100 crore in fees. There has also been a substantial reduction in the fees received from merchant bankers.

The regulator has also suffered in terms of charges levied due to penalties imposed. Againt the Rs one crore it collected in penalties in 2002-03, last year it did not receive anything.

Meanwhile Sebi has been proactive in dealing with misdemenaours in the capital markets. However during the last financial year it took action against 174 entities against 257 entities in the previous year.

During the year under eview it also completed cases against 152 entities as against 106 entities in the previous year. During the year 2003-04, 80 per cent of cases completed pertained to market manipulation and price rigging as against 68 per cent in the previous year.

Acording to the report enquiry officers have been appointed in a record 314 cases as against 184 cases in the previous year. Most of the violations pertain to stock brokers - 272 in number.