To keep funds in govt accounts

To keep funds in govt accounts

While some market experts termed the development as Sebi giving up on its financial autonomy, others said the move was part of various financial regulators being asked by the government to merge their funds into the government account.

Sebi, in its next meeting, will present a memorandum before its board on keeping its funds in the government accounts, a senior official said.

Such funds comprise of fees and penalties collected by the regulator from various market entities and listed firms.

Sebi estimates its total revenue for fiscal ended March 31, 2011, at about Rs 338 crore and net surplus after various expenses at about Rs 180 crore. The regulator’s fee income alone is estimated at about Rs 200 crore for the year.

Similar moves are expected from insurance sector watchdog Irda and pension regulator PFRDA.