Sebi still lacks institutional mechanism to tackle external investigations
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Mumbai: Even after entering his third and final year as the chairman of Securities and Exchange Board of India (Sebi), Ajay Tyagi is yet to implement an institutional mechanism for handle investigations and queries by external agencies such Central Bureau of Investigation (CBI), income tax.
As soon as Tyagi had taken charge as the chairman on 1 March 2017, he had attempted to bridge the gaps on issues that had distanced its employees. The issues ranged from personal promotion to need of an institutional mechanism to handle queries by CBI, IT and enforcement directorate to name a few.
The Sebi board led by Tyagi was prompt in ensuring career progression of employees by stopping the practise of hiring from outside and promoting internal candidates for key positions. However insiders say an institutional mechanism is still lacking.
"Even today the Sebi officers are called for investigations, hearings for institutional decisions on ad-hoc basis," said an officer with the regulator.
Sebi employee association (SEA) in a letter to Sebi board in April highlighted this issue.
"During our interactions with CVO (chief vigilance officer) we were given to understand that an institutional approach to dealing with inquiries by external agencies has been finalised," SEA said in the letter.
"However, officers are still being directly summoned by various agencies and are being sent to respond on issues emerging out of institutional decision making," SEA added in the letter.
In past six years, one out of every 10 Sebi officers has been called in for questioning on cases ranging from MCX-SX license grant case, National Stock Exchange of India's alleged lapses in colocation platform, income tax evasion through the stock exchange platform to name a few.
The Reserve Bank of India (RBI) has such an institutional system in place where the decisions taken by institutions are questioned then the institution answers.
Sebi officials are seeking that individuals should be called in rare situations along with Sebi vigilance officer when there is a case of personal corruption, said the officer quoted earlier.
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