Sunday, January 20, 2013

Scams In Share Market: Sebi says getting 100 alerts a day

The Securities and Exchange Board of India’s (Sebi) surveillance system throws up roughly 100 alerts everyday on incidences of suspicious market activity.

The regulator has teams following up on each of them, according to U K Sinha (pictured), its chairman.

“There are teams following up on each and every alert and taking a note of possible action in each case. They are looking at enforcement action or adjudication proceedings wherever required,” he said, speaking at the 8th Annual National Conference on Capital Markets organised by the Associated Chambers of Commerce and Industry of India (Assocham).

The regulator has in place a sophisticated surveillance and data warehousing system for the same, he said.

Sebi has been beefing up its investigation and surveillance systems in recent times.

It rolled out a Data warehousing and Business Intelligence Project – the first phase of the project was launched in February 2011.

A sum of `20.10 crore was budgeted during 2010-11 for the same.

Phases-II and III were set to be completed during 2012-13, according to

Sebi’s budget estimates for FY13.

Investors complaints too seem to be on a high following Sebi awareness programmes through print and television advertisements.

Sinha said that Sebi has received more than 1 lakh calls on its helpline in the last six months and 80,000 complaints on its centralised web-based complaints redressal system called SCORES.

Sebi had launched a toll-free helpline for investors in December 2011 and SCORES in June 2011 to enable investors to lodge and follow up their complaints and track the status of redressal of such complaints from anywhere.

Interestingly, Chitra Ramakrishna, joint managing director of the National Stock Exchange, who was also speaking at the event, made a strong plea for capital market participation from corporate pension funds, noting that up to 15% of the corpus could be deployed in equities.
Author : Sachin P Mampatta, 10 Jan 2013


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