ET Intelligence Group: A record number of 1,192 appeals were filed before the Securities Appellate Tribunal (SAT) during the year - up 53% over the previous year revealed the regulator's FY23 annual report released on Monday. This increase in appeals filed is directly proportional to the increase in Sebi's regulatory action.
During FY23, Sebi undertook 144 investigations compared to 59 in the previous year. It completed adjudication proceedings against 3731 entities - 57% higher than the previous year.
The regulator inspected 42 merchant bankers in FY23 versus just eight in FY22, and 833 BSE stockbrokers were inspected compared to 385 in the previous year.
Sebi took up 54 cases of fraudulent and unfair trade practices for investigation compared to 38 in the previous year. These practices involve price and volume manipulation as well as front running.
Sebi investigated 35 cases of financial statement frauds versus 12 in FY22. In terms of enforcement action under the Sebi (Intermediaries) Regulations 2008, it issued 58 cancellations of market intermediaries - more than double the previous year - and issued 24 suspensions of intermediaries compared to six in FY22. There has been a 9% increase in Sebi's staff strength from 980 employees in FY22 to 1073 employees in FY23.
Source Name : Economic Times