Regulator Sebi has set up a regional office at Shimla as part of efforts to broaden and deepen the securities market by educating investors to have a better understanding of their functioning.
In a notification today, the Securities and Exchange Board of India said that it "has established its local office at Shimla (Himachal Pradesh) under the administrative control of its Northern Regional Office at New Delhi".
The local office would look after the regulatory aspects of investor protection, facilitating redressal of investor grievances, financial and investor education, among others.
"...Its role and responsibility shall extend to the areas falling under the territorial jurisdiction of the state of Himachal Pradesh," Sebi said.
The Mumbai-headquartered Sebi has opened its offices at various places including in Patna, Hyderabad, Lucknow, Jaipur, Bengaluru and Guwahati.
Sebi, at its board meeting in July 2011, had cleared a proposal to decentralise its functions by opening regional offices.
The regulator is looking to strengthen its regional offices since physical proximity of its office to investors and intermediaries would promote deepening and broadening of the securities market.
