Fight against black money: Sebi to discuss P-Notes issue
August 24, 2015 08:56
Having barred over 1,000 local entities for suspected tax evasion through stock markets, market regulator Sebi will today discuss the suggestions of the Supreme Court-appointed SIT on black money with regard to the Participatory Notes (P-Notes).
The Securities and Exchange Board of India's board will today discuss the SIT report on black money, while looking into any further steps that may be required to check any misuse of P-Notes route to launder unaccounted money.
While Sebi and the government are of the view that the P-Note regulations are robust enough to check any misuse, the board would discuss whether more stringent measures are needed to curb flow of black money from within the country and abroad, sources said.
Besides Chairman U K Sinha, the Sebi board consists of three whole-time members, nominees from the Finance Ministry, RBI and the Corporate Affairs Ministry as also independent members. It would also be the first board meeting after appointment of new independent member Arun Sathe.
In its latest report, the Special Investigation Team on Black Money had suggested that Sebi needs to further strengthen its monitoring mechanism to detect instances of the stock market platform being misused for tax evasion.
It had also suggested Sebi to review its regulations on participatory notes to help identify the end-users of these instruments.
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