SEBI’s new chief U.K. Sinha has sought fast-track resolution of long-running investigations being conducted by the market regulator, some of which are over a decade old.
Seeking to cut down on huge pendency of thousands of cases of suspected violation of various SEBI regulations, Mr. Sinha has asked his investigation officers to expedite probes and resolve the cases at the earliest with necessary enforcement actions.
Mr. Sinha has identified early resolution of cases and getting rid of long-pending probes as his priority and has been in discussion in this regard with the leadership team at SEBI over the past two weeks, senior officials said.
Mr. Sinha took charge as Chairman of Securities and Exchange Board of India on February 18, after the end of a three-year term of his predecessor C.B. Bhave.
Prior to this, Mr. Sinha was heading UTI Asset Management Company and Chairman of mutual fund industry body AMFI.
An ex-IAS officer, Mr. Sinha has also held senior central and state government positions. He was Joint Secretary (Banking) and Joint Secretary (Capital Markets) in finance ministry.
Taking a cue from the new chairman, SEBI within a few days of his taking over, resolved close to two dozen investigation cases in a single day on February 28.