also observed that as a stock market regulator, it conducts investigation to examine alleged or suspected violation of laws and regulations. However, post investigation, whenever violations are established, appropriate enforcement actions are taken under provisions of the Sebi act and the existing regulatory framework.
Anand Baiwar, appellate authority under the RTI Act, did not find any “deficiencies” with Sebi’s responses. On a query pertaining to action taken by Sebi against FT MF, Baiwar said, “It is understood that the respondent (Sebi) has neither confirmed nor denied the existence of examination or investigation. I find that the same is justified where disclosure of existence of investigation or otherwise itself would amount to disclosure of exempted information”.
“Further, such examination, or investigation, may or may not establish the suspected violations or lead to enforcement actions,” he said.
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