With an aim to take its services at the door-step of investors, the Securities and Exchange Board of India (Sebi) has decided to open five more local offices, including at Chandigarh and Jaipur, in the current fiscal.
As part of its decentralisation of work to regional offices, the Mumbai-headquartered Sebi is opening new local offices in different regions of the country.
The five new offices will be opened at Chandigarh, Jaipur, Indore, Patna or Bhuwneshwar and Banglore or Kochi in 2012-13, according to an official document.
These offices have been "identified inter-alia" on the basis of number of demat accounts, registered folios, exchange trading terminals and rate of growth in beneficiary accounts. The idea behind new offices is to deepen of securities market.
The market regulator had decided to open a new Western Regional Office-I at Mumbai and three local offices at Hyderabad, Guwahati and Lucknow in 2011-12. It has identified office buildings and "further work is in progress", it said.
The Sebi board in March, 2011, had asked the regulator to explore scope of strengthening its regional offices.
Following the board decision, a series of internal discussions took place to explore the possibility of decentralisation of work to regional offices and opening of offices at new places.
During the discussions, it emerged that the investor should get the services of Sebi at his door step to promote a balanced, pan-Indian securities market.
As per the regulator, physical proximity of Sebi office to investors and intermediaries would promote deepening and broadening of the securities market.
