Sebi keeps tabs on corrupt employees
image for illustrative purpose
New Delhi: Capital markets regulator Sebi has put in place stricter norms to tackle any misconduct and corrupt practices by its employees.
Amending rules governing its employees’ services, the markets regulator said that a competent authority can “direct recovery from an employee of the amount of pecuniary loss caused to the Board (Sebi) by all means available to the Board under the law.” This amount could be recovered from the pay and other amounts due to the staffers. This step can be taken if an employee is allegedly acted for an improper purpose or in a corrupt manner or exercised his/her powers with corrupt motive.
In its notification dated May 6, Sebi said that the new framework would be also applicable to those employees who have resigned or retired from the services or have completed the tenure of deputation.
