Now, market watchdog steps in to check money laundering

Published: 26th March 2013 08:58 AM  |   Last Updated: 26th March 2013 08:58 AM   |  A+A-

Stung by recent allegations of  money laundering leveled against three top private sector banks, by the Cobrapost website, market regulator Securities and Exchange Board of India (SEBI) plans to put in place a “stronger and more effective” surveillance system in the next fiscal.

The measures proposed to be taken in the fiscal beginning next month include enhanced surveillance of derivatives market first-stage monitoring by brokers, stronger audit mechanism for market entities and review of anti-money laundering and terror combating funding norms.

The regulator also plans to bring in guidelines to address conflict of interest for credit rating agencies, introduce regulatory framework for foreign intermediaries soliciting business from investors in India and put in place a centralised KYC framework for the entire financial sector.

The proposed steps are part of SEBI’s budget proposals for the year 2013-14, which have been approved by its board and would be implemented during the course of the year.

SEBI is also planning to strengthen its manpower in the next fiscal besides greater efforts towards training and skill building of existing staff members.

It would also strengthen Data Warehousing and Business Intelligence System, a project to identify market abuses.  (With PTI inputs)

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