Sucheta Dalal :SEBI asks bourses to save records till a probe is completed
Sucheta Dalal

Click here for FREE MEMBERSHIP to Moneylife Foundation which entitles you to:
• Access to information on investment issues

• Invitations to attend free workshops on financial literacy
• Grievance redressal

 

MoneyLife
You are here: Home » What's New » SEBI asks bourses to save records till a probe is completed
                       Previous           Next

SEBI asks bourses to save records till a probe is completed  

December 9, 2009

 

Market regulator Securities and Exchange Board of India (SEBI) on Wednesday asked bourses to preserve original records related to an investigation till the trial is completed, instead of the current practice of keeping papers only for five years, reports PTI.

"If a copy is taken by such enforcement agency either from physical or electronic record then the respective original is to be maintained till the trial or investigation proceedings have concluded," SEBI said in a circular to all stock exchanges.

The regulator said that enforcement agencies like the Central Bureau of Investigation (CBI), police and the crime branch collect a copy of documents during the course of an investigation but original records, either in physical or electronic form, are required at the time of the trial.

According to the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992, every stock broker is required to preserve the specified books of account and other records for a minimum period of five years.

In case such documents are maintained in electronic form, provisions of the Information Technology Act, 2000, would have to be complied with, SEBI said.

Further, as per the Securities Contracts (Regulation) Rules, 1957, bourses and their members are required to preserve the specified books of account and documents for a period ranging from two years to five years.
— Yogesh Sapkale


-- Sucheta Dalal



 



Recent Comments