Sebi says report on insider-trading norms within 10 days
The markets regulator today said the expert panel on insider-trading will submit its report within the next 10 days. It will be released for public comments soon after its submission and the Sebi board will take up the matter.business Updated: Nov 28, 2013 18:41 IST
The markets regulator Sebi on Thursday said the expert panel on insider-trading will submit its report within the next 7 to 10 days.
"The committee on insider-trading norms is expected to submit its report as early as next week. They have almost finalised it. I am informed that they are planning to submit it in a week's time or maximum 10 days," Sebi Chairman Upendra Kumar Sinha said.
Talking to reporters on the sidelines of a Crisil seminar on corporate bonds market, Sinha said the report will be released for public comments soon after its submission and then the Sebi board will take up the matter.
The regulator had set up an expert panel in March this year under the chairmanship of former SAT Presiding Officer NK Sodhi to suggest new measures to curb the growing menace of insider-trading activities in the capital markets.
Sinha also released a Crisil yearbook on the domestic corporate debt market at the seminar, where Economic Affairs Secretary Arvind Mayaram was also present.
Mayaram called for working towards instilling confidence in retail investors about the market. He pointed to the deep penetration of retail investors in the US markets, where after the 2008 credit crisis millions of public lost their hard- earned money.
However, they still remain invested in the markets, he said and added that because regulatory frameworks there instills greater confidence in investors.
The new insider-trading regulations would replace nearly the two-decades-old set of norms.
The expert committee, headed by Sodhi, who is also a retired Chief Justice of Karnataka High Court, comprised Sebi officials, executives from companies, legal experts and journalists.
There have been several amendments to the existing insider-trading regulations ever since they were put in place nearly two decades ago.
While setting up this committee, Sebi had said world over the regulatory focus is shifting towards containing the rising menace of insider trading effectively.
The new norms are also believed to take into account the practises that are followed in other parts of the world.