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SEBI to employ external consultants

The re-engineering involves new products, procedures, attracting and retaining good people and strengthening training programme.

business Updated: Dec 31, 2005 13:14 IST

Realising the need for a "re-engineering" given the challenges of the Indian capital market, Securities and Exchange Board of India (SEBI) said it would bring in external consultants to look into aspects of evolving their base structure.

"Sebi board endorsed a roadmap which involves bringing in external consultants to look at quantitative and non-quantitative requirements," Sebi Chairman M Damodaran told reporters here after the 101st board meeting.

The effort would make Sebi the strong organisation that it requires to be, he said adding, it intends to make significant progress in the next year.

The re-engineering involves new products, procedures, attracting and retaining good people apart from strengthening the training programme, Damodaran said.

On the follow-up action after the Yes Bank IPO demat scam, he said: "Clearly cannot be the only case that somebody has taken liberties with the system but it is a big case from which there are lessons to be learnt by everyone."

"There will be a few others... You will see in a few cases similar orders, should we find anything gone wrong on similar lines," he said clarifying not all IPOs are being scanned.

Refusing to quote exact number of IPOs Sebi was looking at, Damodaran said not number but how we get to grips to the problem was important," he said.

The Sebi chief denied to comment on the National Security Depository Limited's (NSDL) letter stating Sebi order on Yes Bank IPO demat scam contained grave legal errors.

First Published: Dec 31, 2005 13:14 IST