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| Edited By: |Source: PTI |Updated: Mar 18, 2018, 02:51 AM IST
In the wake of a spurt in allegations of fraudulent behaviour by India Inc, capital market regulator Sebi, today gave a stern warning to corporates to be on the "right side" and not indulge in market manipulation and insider trading.
"Some corporates, who ideally should not have fallen into this category or this trap, we are discovering that due to lack of focus this (illegal activity) is happening. I'd like corporates in India to be on the right side of Sebi," its new Chairman, U K Sinha, said during an address to the members of industry body, Assocham, here.
Corporates should definitely access the markets to grow, but should not come to the "adverse" notice of Sebi.
"What I mean is in matters like market manipulation, insider trading," he clarified, insisting that Sebi is more interested in fulfilling its mandated job of developing the market rather than playing the role of a vigilant watchdog.
Asking for extra caution by corporates in their internal systems, Sinha said promoters and top management "are not able to safeguard themselves against certain things which might be happening without their knowledge or without their support."
Sinha said discovery of documentary evidence and analysis done by Sebi recently prompted these remarks while speaking before representatives of India Inc, his first such interaction since taking over in February this year.
