LDALL SEBI 2LST

The Sebi board also decided that the currency derivative
segment would have self-clearing members and they would be
required to have networth of Rs 5 crore.
The two proposals -- one on the new Takeover Code and the
second on governance and ownership of stock exchanges and
other market infrastructure institutions -- were aimed at
brining in sweeping changes in the way the takeovers are
conducted and the bourses are owned, respectively.
Bhave said that the government was still in consultations
on the new Takeover Code and Sebi would take a decision once
it hears the final word from the Centre on this issue.
But, the regulator sought more time for new norms for
takeover of companies, as also for ownership and governance
issues of stock exchanges, clearing corporations and
depositories.
While the Sebi is awaiting some more clarity from the
government on the Takeover Code, the regulator was collating
the feedback received on Jalan panel recommendations.
The Takeover Code has been awaiting a clearance for many
months now and has been discussed in at least three
meetings of the Sebi board, which has representations from the
government also, so far without any final decision.
While Bhave did not specify any reasons for delay
in decisions on these two major issues, sources close to the
development said that the government is of the view that these
matters could be best taken up by the next Sebi chief.
Asked about the end of his tenure, the outgoing Sebi
chief said it was the institution that was supreme and not the
person heading it.
"Sebi in an institution. Chairmen come and go, but Sebi
remains there," Bhave said, adding that he enjoyed his tenure.
"It's been pleasure intreracting with you
people (as Sebi Chairman)," he said, but refused to take any
further personal questions.
Bhave took charge as Sebi chairman on February 18, 2008
on a three-year term.
His tenure as the most powerful person in the capital
market was marked with many significant developments,
including some steps lauded as highly pro-investor, as also
some decisions that angered a host of entities including
insurance regulator Irda and corporate houses like Sahara and
FTIL-MCX group. PTI BJ
RCJ


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