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India’s capital markets regulator is closing its smaller offices as it re-evaluates its real estate needs amid increased adoption of technology by the wider market ecosystem and by itself.
Securities and Exchange Board of India ,SEBI) As part of the restructuring exercise, 16 offices spread across the country will be phased out. These offices were opened between 2012 and 2018 when SEBI was headed UK Sinha,
After the lease of these offices expires, the regulator will be left with six offices including its head office Mumbaifour regional offices Ahmedabad, Chennai, Kolkata and a small office in New Delhi and Indore.
In a note to its board members, SEBI, which is now headed by Madhabi Puri Buch, said it has taken steps to spread financial literacy in local areas, redress investor grievances, collect market information and handle enforcement matters. Small offices have been opened for But it was observed that the number of investors in the country has increased, with 99% of all pin codes participating in the market, largely through digital means.
With technology changing the market ecosystem through online trading, online MF investment as well as empowering SEBI to deal with investor complaints through online, the regulator considered whether capital and Owning expensive infrastructure would be justified in terms of human resources. Creating local offices across the country or finding a suitable alternative way to achieve the same goal.
SEBI then decided to leverage and better utilize technology in a more intensive manner in the coming years to reach out to investors in all parts of the country. There are plans to phase out 16 of the 17 local offices this fiscal year. It intends to retain the Indore office for the time being.
While the regulator believes that a physical presence is required to meet the educational and grievance redressal needs of investors, this will be done in collaboration with the stock exchanges, which have set up Investor Service Centers (ISCs) in different parts of the country. Have done “These ISCs will cover investor related matters for the stock exchanges as well as SEBI,” read the regulator’s note. Will be in a position to monitor.”
The plan is to set up 50 ISCs in the country, which will be funded from the stock exchanges’ own resources or from the Investor Service Fund (a fund created by the stock exchanges under SEBI guidelines).
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