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Build compliance culture, Sebi chief to firms

The Securities and Exchange Board of India (Sebi) chairman UK Sinha on Tuesday urged the senior management of corporates and intermediaries to focus on building ‘compliance culture,’ vis-à-vis the rules laid out by the capital market regulator at the CII summit on capital markets in Mumbai.

business Updated: Nov 29, 2011 22:32 IST
HT Correspondent

The Securities and Exchange Board of India (Sebi) chairman UK Sinha on Tuesday urged the senior management of corporates and intermediaries to focus on building ‘compliance culture,’ vis-à-vis the rules laid out by the capital market regulator at the CII summit on capital markets in Mumbai.

“Sebi has been able to substantially strengthen its surveillance mechanism and we are getting alerts which are not really comforting,” said Sinha.

Sinha, earlier this month, had said that Sebi would take actions against those who are manipulating IPOs of companies.

He also hinted at reforming the IPO process. “We are going to have a complete review of the process. We have set up a group. Our idea is to make fund-raising by corporates in India more efficient both by way of time and by way of costs,” he said.

In order to avoid delay in clearing IPO applications, Sebi is planning to put out a time-frame for companies to respond to the queries by the market regulator.

Sinha said that the regulatory body would come out with more regulations within a month or two and one of them would be on alternative investments.

Although Sinha ruled out any plans to ban algorithmic trading products, he said Sebi is “worried” about the rapid adaptation of these tools. He called for appropriate risk management system to be put in place by market players using them.