Patna (ABC Live): SEBI :Shri Nitish Kumar, Hon’ble Chief Minister, Bihar, inaugurated the new premises of the Local Office of Securities and Exchange Board of India at Patna today, in the presence of Shri Abdul Bari Siddiqui, Hon’ble Finance Minister, Bihar, and Shri U.K. Sinha, Chairman, Securities and Exchange Board of India (SEBI).
Patna Local office of Securities and Exchange Board of India is located at 3rd floor, Udyog Bhavan, Gandhi Maidan (East), Patna – 800004.
The mandate entrusted to Securities and Exchange Board of India by the Parliament is threefold – protection of the interests of the investors in securities, regulation of the securities market and development of the securities market.
For promoting a balanced pan India Securities market and in order to bring physical proximity of Securities and Exchange Board of IndiaOffices to the investors and intermediaries, Securities and Exchange Board of India has decided to open Local Offices in various parts of the country. The jurisdiction of the Local Office at Patna whose new premises was inaugurated today is over the state of Bihar. The Local Office of Patna is under the administrative control and jurisdiction of SEBI’s Eastern Regional Office at Kolkata.
The functions of the Patna Local Office include facilitating the redressal of investor grievances against listed companies and securities market intermediaries, to spread investor education and financial literacy within its jurisdiction.
Initially SEBI was a non statutory body without any statutory power. However in 1995, the SEBI was given additional statutory power by the Government of India through an amendment to the Securities and Exchange Board of India Act, 1992. In April 1988 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India.
The SEBI is managed by its members, which consists of following:
The chairman who is nominated by Union Government of India.
Two members, i.e., Officers from Union Finance Ministry.
One member from the Reserve Bank of India.
The remaining five members are nominated by Union Government of India, out of them at least three shall be whole-time members.
