Current Context: The Securities and Exchange Board of India (SEBI) has constituted a committee headed by former Supreme Court Judge Anil Dave to strengthen the SEBI’s enforcement mechanism and also to improve its system of recovery of siphoned off money.
- In the report generated by Anil Dave, he has proposed a method of quantification of profit made by the defaulters and loss made by them.
- The committee analysed the insolvency, recovery and securities laws jurisprudence on India and abroad.
- The committee has suggested changes in Insolvency and Bankruptcy Code 2016 to ensure that insolvency law is not used as a protection,2020 by defaulters and thus protecting the interest of investors.
- The committee has also recommended changes in intermediaries Regulations to the SEBI.
- The two-tier enquiry process of registration for intermediaries has been replaced with an enquiry process for early completion of the enquiry proceedings.
- Also, the opportunity of the personal hearing will be now given to the Designated Authority (DA) which was earlier given to Designated Member (DM).
- Static Part:
- HQ of SEBI: Mumbai
- Chairman of SEBI: Ajay Tyagi
Question:
Q.1 Who headed the committee which proposed measures to strengthen the enforcement and recovery mechanism of SEBI?
a. Pratap Venugopal
b. Ajay Tyagi
c. Anil Dave
d. None of the above
a. Pratap Venugopal
b. Ajay Tyagi
c. Anil Dave
d. None of the above
