Sebi to put in place framework to prevent frauds by stock brokers
时间:2024-06-02 05:57:51 阅读（143）
Markets regulator Sebi on Wednesday approved a slew of proposals, including ending the practice of individuals holding permanent directorship at boards of listed companies and putting in place a framework to prevent frauds by stock brokers.
The proposals were cleared by the board of the Securities and Exchange Board of India (Sebi) during its meeting here on Wednesday.
Besides, the regulator has given its nod for norms for Environmental, Social and Governance (ESG) disclosures by listed companies.
According to a release issued after the board meeting, Sebi said it has decided to end the practice of individuals having permanent seats at boards of listed companies. The move is part of efforts to further boost the corporate governance ecosystem.
Among other measures, the regulator will put in place a formal mechanism to prevent frauds and market abuse by stock brokers.
Further, Sebi will introduce fund-blocking facility for secondary market transactions like being done for Initial Public Offerings (IPOs). The measure is aimed at safeguarding investors’ money from misuse by stock brokers.
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The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)
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