INDIA

A decision to this effect was taken by Sebi Chairman U K Sinha after he reviewed enforcement cases at a high-level meeting and thereafter directed officials to expedite consent order and other cases on fast track basis: “The idea is to clear cases pertaining to enforcement in a speedy manner and the numbers will start reflecting the intent soon,” an official said. Apart from consent orders, Sebi has decided to take fast and stringent action in surveillance and investigative cases in the coming months. The focus would be on enhancing deterrence, increasing surveillance and strengthening the enforcement mechanism, he said. Currently, the most important consent order case before Sebi is Mukesh Ambani-led Reliance Industries (RIL), in which settlement charges could be close to over Rs 500 crore — which could be the highest so far. It may be noted that Sebi had passed a similar Rs 50 crore consent order on two Anil Ambani-led companies, Reliance Infrastructure and Reliance Natural Resources, in January this year.Sebi had started the consent order mechanism in 2007 to settle cases with wrongdoers in the equity market to avoid long-drawn litigation. The system has been modelled on one in the US. Besides fast-tracking decisions in enforcement cases, Sebi has decided to strengthen surveillance mechanisms. A sophisticated technology has been put in place to get quick alerts on any manipulation. It is expected to start work in December. [More]
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