Prof. Jayanth R. Varma’s Financial Markets Blog

A blog on financial markets and their regulation

Can SEBI be more transparent?

The Securities and Exchange Board of India provided critical
clarifications on its policies regarding offshore derivative
instruments (participatory notes) issued by Foreign Institutional
Investors (FIIs) through a video conference on Monday, but their
website still has no video recordings, no transcripts, no press
releases on what was revealed during this conference. (I have looked
in the “What is New”, “Press Releases”,
“From the Chairman” and “News Clarifications”
sections of the web site and also searched the site for “video
conference”. I hope it is not hidden somewhere else in the

SEBI’s policy announcements on this subject have caused
intra-day movements in the market index of several percent in recent
days and the potential for insider trading is immense whenever SEBI
issues even the smallest clarification on the subject. That a video
conference on such an important subject was done without it being
webcast live is regrettable; that it was not even followed up with
recordings and transcripts is unacceptable.


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