|Chennai||Rs. 24020.00 (-0.17%)|
|Mumbai||Rs. 25020.00 (0.28%)|
|Delhi||Rs. 24450.00 (0%)|
|Kolkata||Rs. 24600.00 (-0.32%)|
|Kerala||Rs. 24050.00 (0%)|
|Bangalore||Rs. 24160.00 (-0.17%)|
|Hyderabad||Rs. 24030.00 (-0.12%)|
The Securities and Exchange Board of India (Sebi) has rejigged the portfolios of its top officials, following the entry of new whole-time member S Raman, who has been entrusted with the key departments of investment management, enforcement and enquiries and adjudication.
While Rajeev Kumar Agarwal would handle market regulation, surveillance and legal affairs, Prashant Saran, who was recently given a second term at Sebi, would handle corporation finance department, investigations and investor education.
The investment management department manages the crucial foreign institutional investors (FIIs), mutual funds and collective investment schemes (CIS). In the past, the FII and mutual fund segments have seen constant tweaking of rules and regulations.
In all their schemes, mutual funds are implementing a new direct plan proposed by Sebi. Market entities have requested Sebi to look at the practice of charging exit loads for switching investments from existing plans into the new direct plan.
The CIS segment has been in the news, following increasing instances of illegal money-raising schemes. Sebi Chairman U K Sinha has called for a separate regulator for these schemes.
Raman, who is likely to hit the ground running, is familiar with both Indian and foreign capital markets. Before joining Sebi in December, Raman, a career banker, was chairman and managing director at Canara Bank.
Raman started his career at Bank of India in 1974 and managed portfolios such as corporate credit, international banking and human resources across locations such as Nagpur, Hyderabad, Mumbai, Ahmedabad, New Delhi and Bhubaneshwar. He also had a stint at Jersey in UK (1983-1987), and one as chief executive of US operations (June 2005 to October 2008).
From October 2008 to August 2010, he was executive director at Union Bank of India, a term during which he oversaw treasury, corporate credit, transaction banking, etc.