Review Budget plan on transferring of surplus funds to govt: SEBI Chairman to FM

Budget

Seeking a review on the Budget proposal that mandates transferring 75 percent of the market regulator’s surplus funds to the Central Government, Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi has written to the finance ministry.

Budget

Tyagi in a letter to the ministry on July 10 said that “the proposed move, part of the Finance Bill, 2019, would affect the functioning of SEBI as well as the securities market.  The proposal was already being discussed by the Financial Stability and Development Council (FSDC), the regulator for the financial sector, and that the amendment to the SEBI Act, through the Finance Bill, could have waited until the Council’s final decision.”

He also argued on the rationale for the regulator keeping a reserve fund and its importance in protecting the interests of investors.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.