Budget wishlist: Broking community seeks time limit on Sebi proceedings

The broking community has requested the central government to impose a time limit on markets regulator Securities and Exchange Board of India (Sebi) regarding initiation of proceedings and show-cause notices.

The request was part of the Association of National Exchanges Members of India’s (ANMI’s) Union Budget wish list.

In a submission to the Union government, the brokers association said the Sebi Act does not prescribe any period of limitation on initiation of proceedings. This results in several proceedings being initiated by the Sebi several years after the alleged violation, resulting in hardship to market participants. Moreover, it affects their ability