SELF-REGULATORY BODY FOR BOURSES TO BE SET UP
SEBI is planning to set up Self Regulatory Organisations (SROs) soon for surveillance of the capital market. The SROs will constitute to represent capital market participants with adequate (20% to 30%) SEBI nominees to represent independent professionals, investors and SEBI officials. These SROs will exercise all day-to-day supervisions, surveillance, inspection and investigation on market participants. According to a SEBI official, the idea is to rope in independent professionals such as practicing chartered accountants, lawyers and financial experts to do this job. The proposed separate entity would be in a position to hire professionals on assignment-basis. Instead of making disclosure to the BSE, NSE and SEBI, the regulator is working on uniform e-filing of disclosure details. This way, while compliance is not diluted, its cost will be minimised.