The Securities and Exchange Board of India (Sebi) has set a one-year target to complete investigations, saying that the long-drawn probe processes are a thing of the past and manipulators can’t escape the long arm of the law.
The impression about market manipulators remaining scot-free or the enforcement actions getting delayed for years are all matters of the past, Sebi Chairman U K Sinha said, adding,
“There may have been some cases in the past, but right now we are reasonably current. I will not say that we are current to the level of a few months, but we are very current on our investigations.”
“Our target is that going forward there will not be any matter where we will keep any case pending for beyond a year. That is the target I am giving to our people and we are moving towards that. I am hundred per cent sure that we will be able to achieve that target,” Sinha said.
He added, “So, the impression that the investigations have got delayed for years together in the past, that will not happen now. From the system that was there earlier and the system and processes we have got right now, there is a world of a difference.”
Sinha also warned market manipulators of strong action, saying that the regulator will always keep an upper edge over them with a robust surveillance system and safeguard mechanism for the markets and the investors. He observed however that Sebi needs to remain vigilant and improve systems by each passing day. “The people we are dealing with, they are also very smart and they are very resourceful. They can always try to improve their system compared to ours,” Sinha said, adding that Sebi is providing training to its investigating and adjudicating officers.
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