Sebi board to take stock of suspected shell cos today
17 Sep 2017 4:41 PM GMT
New Delhi: Markets regulator Sebi will update its board on Monday on action being taken against suspected shell companies allegedly abetting routing of illicit funds through stock markets.
Those under scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be misusing the stock exchange platform for tax evasion, among other wrongdoings, a senior official said.
Besides, the board would consider other proposals including expediting settlement proceedings and streamlining its internal mechanism to better decide on whether they need soft or hard enforcement actions.
To select cases for enforcement actions, the markets regulator will soon put in place internal guidelines, which would also be made applicable for pending cases.
The proposal assumes significance against the backdrop of various high profile cases, including those related to the NSE and PwC, where settlements are being sought.
The board is likely to have a detailed discussion on the developments related to suspected shell companies listed on the bourses and actions taken against them, sources said.
These proposals would be discussed during the board meeting of Sebi on Monday, the official said.
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