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Sebi online filing system stumps investors and intermediaries

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Sebi online filing system stumps investors and intermediaries
The registration process on an average according to market participants has doubled or become three times as against the earlier timeline of a mont
The Securities and Exchange Board of India or Sebi’s online filing and registration system for intermediaries to usher in ease of business has had a mixed effect. The registration process on an average according to market participants has doubled or become three times as against the earlier timeline of a month.
This is due to inefficiencies in the recently installed information technology systems which is also leading to double filings once online and then manually, said four people with direct knowledge of the matter including lawyers, consultants, advisors, fund managers on condition of anonymity.
The market intermediaries and consultants are planning to write to Sebi on the issues they are facing during the registration processes.In an emailed response to Mint queries Sebi said that ‘the average time taken for processing of registration is about two months’. Sebi had moved to an online filing and registration system in May 2017. This was a part of budget announcement for 2017-18 where the Finance Minister had announced that the process of registration of financial market intermediaries like mutual funds, brokers, portfolio managers, etc. will be made fully online by Sebi.
“This will improve ease of doing business,” said Arun Jaitley during the budgetary announcement.According to the data shared by the regulator with Mint since June 2017 Sebi has received 66 stock broker applications and they took on an average 67 days to be processed. This is more than three times the time taken before June 2017.
The Mint, New Delhi, 22th January 2018

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