PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013 | Page 7

In India, SEBI is committed to reinvent itself in a fresh avatar starting from its 12 August 2013 Board meeting. At the meeting, the Board discussed the following topics: • Amendment to the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 – Approved the proposal to declare illegal mobilisation of funds without obtaining a certificate under the SEBI (Collective Investment Schemes) Regulations, 1999 as a fraudulent and unfair trade practice. Securities Laws (Amendment) Ordinance 2013 – took note of the provisions of the Securities Laws (Amendment) Ordinance, 2013 promulgated by President of India on July 18, 2013 and discussed the follow-up actions on the part of SEBI.

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Independent Consultant – engaged to revisit the structural and organisational issues, re-prioritise areas of focus and to look at the technological and manpower needs of SEBI. The Consultant submitted its recommendation before the Board which, inter-alia, included greater focus on mobilising household savings into capital market assets, enhanced focus on supervisory functions, oversight of listed companies, re-organisation of functional departments, increase in manpower, IT strategy for organisational efficiency and improving training and performance management system. The Board accepted the recommendations and agreed on the implementation plan for the same.

Editorial | Regulatory Reform Review

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