Skip to main content

Sebi online filing system stumps investors and intermediaries

By
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

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more