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HIGH LEVEL COMMITTEE UNDER THE CHAIRMANSHIP OF JUSTICE ANIL R. DAVE, RETIRED JUDGE, SUPREME COURT OF INDIA A REPORT ON THE MEASURES FOR STRENGTHENING THE ENFORCEMENT MECHANISM OF THE BOARD AND INCIDENTAL ISSUES PREFACE The Securities and Exchange Board of India was set-up with the following mandates, (i) to protect the interest of investors in securities; (ii) to promote the development of the securities market; and (iii) to regulate the securities market. Protection o
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FAQ :
The report focuses on measures to strengthen the enforcement mechanism of the Securities and Exchange Board of India (SEBI) and addresses incidental issues related to its functioning.
The committee was chaired by Justice Anil R. Dave, a retired Judge of the Supreme Court of India.
SEBI's primary mandates are to protect the interests of investors in securities, promote the development of the securities market, and regulate the securities market.
The report notes that the current process under the SEBI (Intermediaries) Regulations, 2008, for taking action against intermediaries is often drawn-out and needs review to ensure timely action.
The report proposes rationalising processes to avoid duplicity and suggests that after a personal hearing and report submission by the Designated Authority, the Designated Member can proceed to pass an order after a show-cause notice and opportunity for written submissions.
Intermediaries owe a fiduciary duty to investors, making it crucial for proceedings against them to be conducted and concluded in a timely fashion to protect investor interests effectively.
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Source : https://www.sebi.gov.in/reports-and-statistics/reports/jun-2020/report-of-high-level-committee-under-the-chairmanship-of-justice-retd-anil-r-dave-on-the-measures-for-strengthening-the-enforcement-mechanism-of-the-board-and-incidental-issues_46863.html