Market regulator SEBI today said it has established a local office in Hyderabad, as part of its plan to decentralise work to regional offices.
“The Board has established its local office at Hyderabad under the administrative control of its Southern Regional Office at Chennai,” SEBI (Securities and Exchange Board of India) said in a notification.
The new office would cater to regulatory aspects of investor protection, financial as well as investor education and such other functions as may be assigned from time to time.
”...its (local office) role and responsibility shall extend to the areas falling under the territorial jurisdiction of the State of Andhra Pradesh,” SEBI said.
Last week, Mumbai-headquartered SEBI had opened its local office IN Lucknow. Last year, the regulator had established offices in cities such as Jaipur, Bangalore and Guwahati.
In March 2012, the regulator said it would also open offices in Chandigarh, Indore, Bangalore or Kochi, Patna or Bhubaneswar and Jaipur.
SEBI, in its board meeting in July 2011, had cleared a proposal to decentralise its functions by opening regional offices.
The market regulator is looking to strengthen its regional offices since physical proximity of its office to investors and intermediaries would promote deepening and broadening of the securities market.