SEBI rejigs top deck to beef up corporate governance vigil, surveillance ahead of LS polls

SEBI rejigs top deck to beef up corporate governance vigil, surveillance ahead of LS polls

New Delhi, Feb 11: Capital markets regulator SEBI has overhauled the roles of its executive directors to bring in a sharper focus on corporate governance. The regulator has also asked top officials to step up surveillance mechanism in view of potential market volatility ahead of upcoming general elections.
Sources say SEBI has rejigged the roles of at least two of its seven executive directors. SEBI was yet to comment on the report at the time of publishing the article.
The move comes in the backdrop rising complaints at several Nifty companies, including Sun Pharma, Yes Bank, Zee Entertainment and Dewan Housing Finance Limited (DHFL). Accordingly, SEBI has directed Executive Director Amarjeet Singh to handle Corporate Finance department and S Ravindran to enhance efforts in the Surveillance wing.
“SEBI’s top management has instructed that we have to take action promptly, especially in corporate governance issues. And Amarjeet Singh who is executive director is handling many portfolios,” a source privy to the developments at the market regulator said.
Prior to the decision, Singh was also in charge of National Institute of Securities Market and Department of Economic and Policy Analysis portfolios. Meanwhile, in the surveillance wing Ravindran, who also handled the Commodity Market portfolio, will now focus only on stemming potential market volatility in the run up to the Lok Sabha elections.
“The SEBI management feels that market requires more surveillance in coming days due to the general elections,” another source said.
Also, former Forward Markets Commission member Nagendraa Parakh will be given Commodity Market portfolio in addition to the existing market intermediary and regulation surveillance department.
Meanwhile, several of the 18 officials who were recently promoted as chief general managers have been appointed as adjudication officers to clear back log of cases at the regulator.