A conflict of interest

The spotlight is back on regulatory independence with the Finance Bill, 2019, proposals to amend the Securities and Exchange Board of India (Sebi) Act. If brought into force, Sebi must transfer 75 per cent of its annual surplus to the government, retaining 25 per cent in a newly constituted “reserve fund” (which cannot exceed a total of previous two years’ annual expenditure). Sebi must also obtain the central government’s approval for its capital expenditure. All remaining amounts, after expenditures and transfers, must be credited to the Consolidated Fund of India.&nb.....

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