MUMBAI: Armed with new powers to act against fraudsters and market manipulators, Sebi chairman U K Sinha says the regulator has already begun using them in a big way and a special court is being set up to hear Sebi-related matters for faster prosecution.
New powers have made it easier for the Securities and Exchange Board of India (Sebi) to prosecute culprits, recover money from fraudsters and erring companies, as also facilitate a faster refund of investors' hard-earned money, Sinha said, adding that sufficient safeguards have been incorporated to check any abuse or misuse of these powers.
"My worry is that the Ordinance through which we have got these powers should be soon converted into an Act of Parliament , as we have already begun using them and have taken actions based on these powers," Sinha said. Seb i was earlier this year granted greater powers through an Ordinance.
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