Sinha wants India Inc to be on the right side of SEBI

Our Bureau New Delhi | Updated on May 09, 2011

The Assocham President, Mr Dilip Modi (right), presents a bouquet to the SEBI Chairman, Mr U.K. Sinha, during the Assocham committee meeting in Mumbai on Monday.   -  PTI

Regulator to increase surveillance on companies

The SEBI on Monday urged India Inc to be on the “right side” of securities laws and desist from indulging in any market manipulation and insider trading.

The capital market regulator has embarked upon a massive programme to increase surveillance on listed companies and discourage insider trading, Mr U.K. Sinha, SEBI Chairman, said while addressing the Assocham managing committee members at Mumbai.

Companies should also improve their internal controls and come clean on financial reporting, an Assocham release quoted the SEBI Chairman as saying.

This is essential for healthy capital markets in the country, he was reported as saying.

Mr Sinha had assumed charge as SEBI Chairman in February.

The Chairman of the market regulator noted that the capital markets are set to grow fast in the coming years as the needs for infrastructure development are enormous.

He also said that SEBI has formed a group of experts to help expand the market by reaching new retail investors, introducing new products and working out risk mitigating measures.

The regulator is also trying to spread financial literacy by undertaking a major initiative for investor education and awareness.

On the proposed changes in the Takeover Code, Mr Sinha said mergers and acquisitions are legitimate in a growing economy. Attempts will be made to provide norms with a modern and forward-looking approach, he added.

Published on May 09, 2011

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