SEBI has tightened its rules to deal with corrupt activities of its employees. For this, it has amended the rules governing the services of its employees. Under this, a competent authority can directly recover the amount from the concerned employee to compensate the financial loss caused to SEBI under the law.
Market regulator SEBI has tightened its rules to deal with corrupt activities of its employees. For this, it has amended the rules governing the services of its employees. Under this, a competent authority can directly recover the amount from the concerned employee to compensate the financial loss caused to SEBI under the law.This amount can be taken from the salary of the employees and other amounts received by them. According to SEBI, this step can be taken when an employee has allegedly acted for an improper purpose or in a corrupt manner.
SEBI, in its notification dated May 6, said that the new system will also be applicable to those employees who have resigned or retired or have completed the tenure of deputation. Under the amended rule, during the pendency of any proceedings initiated against an employee, the gratuity payable to the concerned employee can be withheld in whole or in part.
SEBI released format for investment advisors
Sebi on Wednesday issued a format for periodic standardized reporting to provide information related to the activities of investment advisers. In this, consultants have also been asked to inform about their internet media accounts.
Currently the ‘Investment Adviser Governance and Supervision Body’ (IASB) seeks information from investment advisers on an ad-hoc basis. This body is recognized by SEBI for administration and supervision of investment advisors.
