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Paul Noronha

Mr M. Damodaran (right), Chairman, SEBI, with Mr A.P. Kurian, Chairman, AMFI, at a SEBI workshop held in Mumbai on Wednesday. —

Our Bureau

Mumbai, Dec. 19 There is no shortage of manpower at the Securities and Exchange Board of India for its tasks of surveillance and investigation, said its Chairman, Mr M. Damodaran.

His reference was to a report by the US Agency for International Development that had said, over the last five years, SEBI’s regulatory force has not grown in pace with the expansion of the Indian market and its intermediaries.

The SEBI had recruited around 100 employees from various business schools last year, while 100 more are in the process of being hired, Mr Damodaran said, speaking to the media after a SEBI workshop on certification for market intermediaries.

SEBI’s staff currently number over 500; and this includes 288 officers. The staff strength had been 441 in March 2006.

With respect to certification of intermediaries and agents dealing in the stock market, (the regulations for which were notified in October this year) the SEBI will shortly announce the effective date for different categories of persons, said SEBI officials. The new regulations of October enlarge the scope of mandated certification to a number of new segments of intermediaries and their “associated persons”.

All persons engaged in handling investors’ money, assets, complaints; and those dealing with operational risk, attending to compliance, and persons responsible for management of intermediaries will have to demonstrate minimum proficiency standards in order to maintain their registration with SEBI.

The certification, obtained by passing a SEBI-approved examination, would be valid for three years. “Associated persons”, according to the SEBI notification, include a principal of an intermediary, an employee of an intermediary, an agent in securities business, a distributor in securities business or any “natural person” in the securities business.

National Institute of Securities Markets, set up by SEBI, is co-ordinating for the certification programme.

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