Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: form 3cd :: TDS :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: empanelment
 
 
News Headlines »
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months

Sebi quashes orders of its own benches
November, 18th 2009

In its 17-year history, this is reportedly the first time that Sebi's board has nullified quasi-judicial orders of one of its own benches. The orders, if implemented, could have seriously embarrassed its chairman C B Bhave for his accountability in relation to an earlier assignment.

The officially stated reason for this extraordinary interception on November 9 is that the two orders passed on December 4, 2008 had not spared even Sebi for its regulatory failings in the 2005 IPO scam, in which tens of thousands of fake demat accounts had been opened to corner the shares reserved for small investors.

These two orders were actually part of a set of three orders pertaining to National Securities Depository Limited (NSDL), which was headed by Bhave during the scam and, as the biggest depository in the country, was accountable for the bulk of the fake accounts.

Soon after Bhave took over as Sebi's chairman in February 2008, its board set up an independent committee of two part-time members to deal with the three NSDL-related cases, in a public show of managing his conflict of interest.

Having sat on them for 11 months, the board published the three orders last week "in the interest of transparency", that too only after nullifying two of them on the basis of a legal opinion obtained from a former head of the Securities Appellate Tribunal (SAT), C Achuthan.

While recommending the nullification of those two NSDL-related orders, Achuthan cited a solitary precedent from 2006 when Sebi had apparently withdrawn an order passed by an adjudicating officer. But even for that, Achuthan conceded that "the circumstances leading to such withdrawal are not known to me."

Though the findings against Sebi have been cited as the reason for nullifying two of the NSDL-related orders, a close reading shows that even the third order, which has been allowed to stand, criticized the functioning of the market regulator.

As in the case of the two nullified orders, the third order too recommended a corrective measure: Sebi's "charge sheets must be as specific as possible, clearly identifying the legal standard violated and setting out how such violation may have taken place."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions