SEBI declares state-owned PEC as ‘not fit & proper’
Sakshi Education
For the first time, the Securities and Exchange Board of India (SEBI) has declared a government-owned company called “PEC Ltd” as ‘not fit & proper’.PEC Ltd is a 100 per cent government-owned company.
SEBI declares state-owned PEC as ‘not fit & proper’
It has been declared ‘as not fit and proper’ as it acted as a broker and carried out illegal trades on NSEL’s spot exchange platform in between 2010 and 2013.To give this tag, SEBI studied the role of its management, board, and promoters.In the past, SEBI has declared entities in high-profile cases involving Sahara India and Financial Technologies (63 Moons Technologies) as ‘not fit and proper’.
SEBI is the regulatory body for securities & commodity market that works under the jurisdiction of Ministry of Finance. It was first established in the year 1988 as a non-statutory body to regulate the securities market. It became an autonomous body & given statutory powers on January 30, 1992, by SEBI Act, 1992.
