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- Securities and Exchange Board of India(SEBI) has written to the government seeking a review of the Budget proposal that mandates transferring 75% of the market regulator’s surplus funds to the central government
- SEBI said that the proposal would result in compromising its autonomy and its ability to function effectively towards the progress and development of the Indian securities market.
- The Finance Bill,2019 has proposed a 75% cash transfer from the Sebi’s general fund to the Central government after creating a ‘reserve fund’ of the annual surplus.The transfer is proposed to take place after SEBI incurs all expenses mandated under the law establishing it.
- The Securities and Exchange Board of India(SEBI) is the regulator for the securities market in India.It was established in 1988 and given statutory powers in 1992 through the SEBI Act,1992.
