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Disciplining the disciplinary process

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business-standard

Dr. M. S. Sahoo and Sumit Agrawal in the Business Standard have analyzed the need for adjudicatory discipline in the frameworks of Market Infrastructure Institutions (MIIs) and the need of replicating the good practices of SEBI adjudication mechanism. Securities Appellate Tribunal (SAT) has also recently nudged MIIs in this regard and it is time for SEBI and other market regulators to ensure fair financial market outcome and ensure the market integrity.
 
MIIs (𝘌𝘹𝘤𝘩𝘢𝘯𝘨𝘦𝘴 – 𝘴𝘵𝘰𝘤𝘬, 𝘤𝘰𝘮𝘮𝘰𝘥𝘪𝘵𝘺 𝘢𝘯𝘥 𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺, 𝘊𝘭𝘦𝘢𝘳𝘪𝘯𝘨 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘋𝘦𝘱𝘰𝘴𝘪𝘵𝘰𝘳𝘪𝘦𝘴) initiates proceedings against an estimated 10,000 users / listed companies, every year, which end up with a variety of directions / penalties. Majority of such orders are not in the public domain on NSE IndiaBSEIndiaMetropolitan Stock Exchange of India Ltd.Multi Commodity Exchange of India Ltd.National Securities Depository Limited (NSDL)CDSL – Central Depository Services India Ltd and website of other MIIs.
 
The authors suggest possible solutions and the factors for the policy change in this regard.
 
Sumit Agrawal and Dr. M. S. Sahoo have in the recent past authored a series of articles on various significant policy issues in the financial regulatory field:
 
(1)   Standardizing regulatory prescriptions — 
(2)   SEBI ‘warns’ wrongdoers – to what effect? — 
(3)   An interim SEBI order must not be open – ended
(4)   Is it wrong to penalize CCI Appeals? — https://lnkd.in/dyiH8Mik  
(5)   The goose that laid the golden eggs – AT1 Bonds
(6)   Disgorging market miscreants — https://lnkd.in/dxQTAa6U
 
Regulatory law enthusiasts are welcome to send their comments or provide feedback to Regstreet Law Advisors at info@regstreetlaw.com.

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