SEBI's objective and functions ? a legal perspective ? Mostly ...

Dharmishta?Raval?(ormerly?an Executive Director at SEBI) has this superb paper?on the topic. Securities Exchange Board of India or SEBI?is a capital market regulator of India. One would usually assume papers on SEBI?would be in area of finance etc. However, there some strong legal linkages as well and one is amazed how much it is a legal body as well and has been designed accordingly. Raval?was ?instrumental in drafting the SEBI Act and is an authority on the subject.

She says India set up few regulators post 1991 reforms to regulate and develop markets independent of the government.

In India, there have been several regulators that have been set up, the more prominent of which have been SEBI?(securities markets), TRAI?(telecom) and CERC?(energy). Of these, SEBI?was among the rst, and has been seen to be one of the more effective in terms of delivering on a mandate that includes (a) protection of the investor, (b) prudential regulation of securities markets intermediaries and (c) development of the markets.

In order to implement the mandate, the legal foundations to create regulators must have broad enabling legislation. The legislation gives the regulator powers to issue regulations for the sector, and to supervise based on the regulation. But most importantly, the regulator must be empowered to conduct investigation of misdemeanours, adjudicate and have the authority to impose nes?and other penalties if wrong-doing is established. Lastly, the credibility of the regulatory process of the regulator is enforced when there are in place appeals processes by courts that have specialised domain knowledge to review regulatory action (which, in the case of the SEBI and securities markets, is the Securities Appellate Tribunals or SAT).

This paper examines various aspects of the legal process at SEBI, starting with the separation of powers between Government and SEBI. To date, there has been little intervention by Parliament in the regulations implemented by SEBI. While legislation places much of the details of how regulation is operationalised?within SEBIs?powers, the government retains the powers to decide the organisational structure, with the powers to appoint the top management at SEBI. Aside of this, SEBI?has the freedom to decide how regulation is to be operationalised, which uses the three mechanisms of? regulations, circulars and guidelines.

She looks at this entire legal aspects of setting a regulator. What should be the objective? What should be the legal powers to achieve the objective? What should be the tools in functioning etc

The legal foundations for regulators involves broad enabling legislation. The legislation also gives powers to the regulator to? issue subordinate legislation which are required to be tabled in Parliament after they have been issued. This makes it possible for detailed domain knowledge to be embedded in subordinate legislation, which could evolve rapidly. The regulator would then operationalise?these regulations in its supervisory function. Regulators feature a unique combination of functions of writing law and administering it. Besides conducting investigations, regulators are also responsible for adjudicating and imposing nes and other penalties for misdemeanours.

There are three steps to establishing regulators:

• Definition of mandate of the regulator
• Creation of subordinate legislation
• Enforcement of the regulatory mandate

SEBI?Act?1992 establishes SEBI?s mandate:

?

1. Investor protection,
2. Regulation of the securities market, and
3. Promotion and development of the securities market

Unlike SEBI, both in US and UK there is no explicit mandate to develop securities markets.

She discusses SEBI Act 1992. It is broadly in two parts:

• Role of Government ? It appoints board members, SEBI?accounts to be maintained by GoI, Functioning of SAT
• Role of SEBI: regulating intermediaries, Framing regulation on insider trading/ take-overs etc, regulations on stock exchanges etc.

SEBI act is different from other acts:

?

The SEBI?Act, 1992 gives SEBI?power to draft regulations in order to regulate the market and discharge its functions and duties. While the objectives are provided in the SEBI?Act, 1992, the implementation details are left to the regulator. The securities market is regulated more through regulations than through the SEBI Act, 1992.

This is in marked contrast to other statutes in India, which provides for the regulatory framework in the parent Act. For example, the Income-Tax Act is a complete self sucient code, and the income tax authorities are required to implement the Act as against notifyingthe regulatory framework. They are not expected to notify the regulatory framework and be policy decision-makers. The government notifies not only the Act but also the rules. Similarly, the Parliament notifies the Indian Companies Act, 1956, and the government noti es the rules thereunder.

In the case of SEBI, Parliament has delegated its powers of drafting the regulatory framework to SEBI. Besides the parent Act, SEBI also has powers under the provisions of the Securities Contract (Regulation) Act, 1956, (referred as the SCR Act) to notify the framework to regulate stock exchanges, and transactions on the stock exchanges, as well as the depositories under the provisions of the Depositories Act, 1996.

?

The paper moves on to discuss how SEBi?frames regulations, circulars and guidelines. Circulars are meant to clarify regulations. For regulations, SEBI has a more transparent method.

Right from the start, in 1992, before notifying any regulation, SEBI has issued a public concept note or policy paper on the proposed regulations.? For example, the SEBI?(Insider Trading) Regulations of 1992, which were aimed at prohibiting insider trading, were preceded by a concept paper containing the objectives, rationale and provisions of the proposed regulation. This concept paper was posted on the SEBI?web-?site seeking comments and suggestions from the public. On receipt of the comments from the public, these were internally debated within SEBI. The revised draft regulations, along with comments received? from the public, were then circulated for the consideration and approval of the SEBI Board.

?

SEBI also appoints committees to recommend the contents of regulations.?The committees, which consist of experts as well as policy-makers, study the matter and present recommendations in a report. The report rst?gets placed before the public for a? period of time for comments. At the end of this period, SEBI?takes a decision, and the regulations are amended. On the day SEBI?Board approves? the regulations, the decision of the SEBI?Board is communicated to thepublic by means of a press release.

She goes on to discuss SEBI?s?other functions of enforcement, inspection and penalties. Also reviews SAT appeals.

Overall it has been great going by SEBI. It has been very transparent in its operations and has evolved well overtime. She then recommends some changes right from its organisation to its functions.

I am not getting into ?all the recommendations. However, I would?just like to add one. SEBI should have good economists (both finance and macro) as well. Taking a cue from SEC which has just appointed?Craig M. Lewis as Chief Economist, SEBI could have such experts as well. It just helps connect many dots.

An amazing paper. Covers many aspects of SEBI functioning.

This entry was posted on May 23, 2011 at 2:21 pm and is filed under Academic research & research papers, Financial Markets/ Finance, Indian Economy/Financial Markets. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Source: http://mostlyeconomics.wordpress.com/2011/05/23/sebis-objective-and-functions-a-legal-perspective/

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Fight Stress ? Self Improvement

Fight Stress

Unfortunately stress has become something that effects the lives of everyone on this planet. With high-stress jobs, pressure to be the best, the ?go, go, go? theory of life, and relationship issues it?s impossible to not be affected by stress. Everyone has different levels of stress and handles the effects of stress differently. For some stress causes anger, others depression and almost everyone feels tired after periods of extended stress. So while it?s obvious that stress has become a big part of people?s lives and that its bad for their health, what isn?t so clear is how to deal with that stress or better yet defeat it entirely.

Just as everyone reacts to stress differently, everyone has different solutions to cure their stress so I?m going to give you the top ways to eliminate stress from your life, or at the very least make it more bearable.

Exercise: This is something that everyone should do daily to improve their health in general. But exercise is also a wonderful stress reliever. Stress often causes frustrations and exercise, especially exercise like boxing, is a great way to vent and relieve those frustrations. Stress can lead to a lack of sleep and exercising every day makes it easier to sleep at night. Exercise decreases stress hormones and can just be a needed distraction. Not to mention exercise improves your physical appearance and when people feel good about the way they look their stress decreases.

Do Something For Yourself: It is very easy in life to become caught up in all the responsibilities and while being responsible is important it is also very important to save time for yourself each day. Find something that really relaxes you, whether it is taking a hot bath, reading a book or watching your favorite television show and make sure to leave yourself sometime every do just that.

Pets: Spending time with a pet has proven to be a great stress reliever. Even if it is just for a 15 minutes a day, spending time with your favorite furry friend will warm your heart and make you forget about all your stresses, even if it just for a little while.

Stay Organized:? Not being organized can lead to missing appointments, paying a bill late, or just extra stress. If you keep your appointments, to do list, ect. organized then your mind will be less cluttered and as such less stressed. This applies to a dirty house as well, if you come home from work every day and see a dirty house its going to overwhelm your mind and lead to more stress. Keep the house clean, and your life organized and it will be a great stress reducer.

Eating Healthy: Eating junk food makes a person feel sick, and adds weight both of which cause a person more stress. But if you eat healthy your mind and body will thank you. You won?t feel weighed down by unhealthy choices but instead you will improve your physical appearance, feel good about eating right, and improve your health all of which lead to less stress.

Massages: Massages can be rather expensive, that?s true, but if you are severely stressed out then it is worth it. A good massage once a month can make a huge difference. Being pampered for a good hour, while relieving stress in your muscles is a no brainer for reducing stress. If you can spare some extra money each month, find a good massage parlor where you live and take advantage of it.

Socialize: If you work alone or live alone it can really help to spend time with your friends and family. A night with good food, good friends and laughter could be just what you need to alleviate your stress.

Reflexology: You can do this yourself, go online and look up a reflexology chart or buy a book if you want and learn about all the pressure points. You can relieve any headaches you might get from stress, help your body feel better, or just give yourself a good massage. Also you can light a pleasant smelling candle each night or some incense, that will help soothe your mind after a long day at work.

?

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Source: http://selfimprovement.articlelinkspace.com/?p=2707

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How to Find the very best Private Improvement Coach

This article has been viewed 12 times.

A personalized improvement coach is a great asset for the particular person who truly really wants to perform on their personalized improvement abilities. The personalized improvement coach will help you to identify aspects of yourself that you just have never ever noticed prior to. The personalized improvement coach also can help you to set goals and defeat hurdles making use of sources that you just may not are informed of previously.

But how do you discover the top personalized improvement coach in your case? There are lots of approaches that you just can discover a personalized improvement coach. It is possible to merely lookup the internet making use of your normal lookup engines, or you can lookup directories which can be manufactured available particularly for personalized improvement. Obtaining just any personalized improvement coach is actually quite easy with these instruments.

However you do not desire to discover just any personalized improvement coach. You wish to discover the top personalized improvement coach in your case along with your desires. This will likely consider a little bit far more time and effort, but will be well well worth it while you see the main difference inside your final results. There are lots of issues that you just really should consider into consideration when trying to discover the top personalized improvement coach in your case along with your desires.

The first point that you just will desire to bear in mind when looking for a personalized improvement coach is accreditation. There are lots of men and women available calling on their own personalized improvement coaches devoid of obtaining the coaching essential to do so. This really is an unregulated occupation, so it?s very easy for someone to consider their own experiences and use them to sound specialist and train others. Even though this knowledge is very important and permits you to relate for the coach, the top personalized improvement coach will even have a very diploma or another sort of certification that lets you realize that they may be skilled to become your personal improvement coach.

The subsequent point that you just will desire to look for when discovering a personalized improvement coach is specialization. A lot of coaches are trained inside the basic abilities relating to personalized improvement. Even so, the top personalized improvement coach will be thoroughly trained on 1 distinct facet of personalized improvement. This specialization may be in company organizing, social abilities, time management, managing others, specialist or job improvement, or other personalized improvement issues.

You should also look to get a personalized improvement coach that you just can get in addition to. Taking a trial run or original meeting allows you to find out in case you can actually perform with and learn through the coach that you just have discovered. In the event the coach you discover just isn?t prepared to do that, you then almost certainly should discover yet another coach. You will not have the ability to acquire anyplace should you be far more focused on simply how much you dislike your coach than you?re on your own personalized improvement.

Ultimately, you?ll want to contemplate value. The price of a personalized improvement coach will be based on a number of components: volume of knowledge, sort of certification or accreditation, specialty, and coaching schedule. Should you be unsure simply how much coaching you are able to find the money for, the top point to do is usually to get in touch with about and inquire what the cheapest plan is with that coach. At times you are able to persuade a personalized improvement coach to perform with you on payments, or to reduced the cellphone time and up the e mail time inside your coaching plan to limit charges.

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Innocence And Injustice In 'Central Park Five'

The Central Park Five: A Chronicle of a City Wilding
By Sarah Burns
Hardcover, 256 pages
Knopf
List Price: $25.95

The day it happened, Wednesday, April 19, 1989, Raymond Santana, Jr., walked over to the Taft Houses in East Harlem to visit a friend. Raymond, whose family had moved to New York from Puerto Rico before he was born, lived with his father and grandmother in an apartment building on 119th Street, a few blocks north of the project, but he often hung out in the courtyard of the Taft Houses, where some of his friends lived. At fourteen, he was of average size-about five six and 130 pounds-with curly hair and small features. He was well liked at school, where his good sense of humor made him popular with girls. Even though there were always kids playing sports around the neighborhood, especially basketball and football in local school yards and the decrepit project courtyards, Raymond was more interested in drawing. He took art classes and spent a lot of his free time sketching.

As Raymond sat with his friend in the Taft courtyard that warm afternoon, a bunch of kids who lived there and in the surrounding buildings arrived. One of the boys in the group was Antron McCray, an exceptionally shy fifteen-year-old African-American from Harlem. Antron lived with his mother, Linda, and his stepfather, Bobby McCray, on 111th Street. He had adopted his stepfather's name at an early age and always considered Bobby his real father. The McCrays were devoted to their only son and were involved in his activities. Though he was a tiny five three and weighed only ninety-eight pounds, Antron was a good athlete and played shortstop on a neighborhood baseball team that his stepfather coached. They had gone to Puerto Rico together for an all- star tournament, a highlight of his Little League career. Antron was enrolled in a small public school program called Career Academy, where he enjoyed his social studies classes and got pretty good grades. Antron and Raymond had seen each other before, since they went to different schools housed within the same building, but didn't know each other well.

Over the next hour, the group in the Taft courtyard grew to about fifteen teenagers. Raymond and Antron joined them as they all began to wander south along Madison Avenue, then turned west onto 110th Street, heading toward Central Park. A block ahead, at the corner of the park, was an apartment complex called the Schomburg Plaza. The Schomburg is made up of two narrow thirty-five-story octagonal towers and, behind them, a large, squat, rectangular building. The two towers sit facing the northeast entrance to Central Park on a traffic circle centered at the intersection of Fifth Avenue and 110th Street. They are by far the tallest buildings in the vicinity and dominate, like sentinels, that corner of the park. Built in 1975 as a city development for middle-and low-income families, all three of the unsightly structures are constructed of beige concrete, with deep grooves running vertically like scars up and down the walls.

Yusef Salaam and Korey Wise, both African-Americans, lived in the northwest tower of the Schomburg Plaza complex. Yusef and Korey were good friends but could not have been more different. Yusef was skinny and tall, nearly six three, even at age fifteen. Korey, at sixteen, was only five five, and stockier. Yusef was a talented kid. He had been accepted at LaGuardia High School of Music and Art, a highly selective public school that requires the submission of an art portfolio for admission. Yusef, like Raymond Santana, had been drawing since he was five and was interested in jewelry making and wood sculpture. He also liked to take electronics apart to see how they worked and to try to put them back together. Korey, on the other hand, had had hearing problems from an early age and a learning disability that limited his achievement in school. He was in the ninth grade in April 1989, but his reading skills were nowhere near that level.

Yusef came from a strong family. His mother, a freelance fashion designer and part-time teacher at Parsons School of Design, raised three children on her own, and pushed them to succeed. Yusef was a practicing Muslim and followed the tenets of his religion closely. But he had been kicked out of LaGuardia when a knife was found in his locker. After his expulsion, Yusef switched schools several times; by April of 1989, his mother had placed him at Rice, a private Christian school in Harlem. She had also signed him up for the Big Brothers Big Sisters program, which paired him up with David Nocenti, an assistant U.S. attorney, with whom he'd been spending time for the past four years. Yusef, who was gregarious and laid-back, prided himself on having friends from all over the neighborhood.

Korey Wise was also raised by a single mother, Deloris, who was pregnant in April 1989, and he had three older brothers. Korey was a good friend to Yusef, fiercely loyal, and well liked. At that time, he was dating a girl named Lisa Williams, who lived with a foster family in the same Schomburg tower. But his childhood had been especially difficult. Korey had only recently moved back in with his mother in the Schomburg Plaza; before that, he'd been living in foster care, at a group home in the Bronx. He moved there, he said, because his brothers were "coming and going," and he needed a more stable environment, but Aminah Carroll, a director at the Catholic foster agency that monitored Korey's case, remembered a much more troubled household. Carroll suspected that Korey's hearing problems had resulted from physical abuse, and when she tried to get him treatment, his mother refused to sign the necessary paperwork. A few years earlier, Korey had been on a trip to an amusement park, where he was molested by a group leader.

At sixteen, Korey was a gentle, emotionally stunted boy, his problems amplified by his hearing loss. Carroll remembers his mother as being psychologically as well as physically abusive. Yusef, who knew Korey's family well, remembers Mrs. Wise as an outspoken and strong woman who attended church frequently, but not as someone who was abusive. Whatever the cause, Korey's development was severely delayed and his ability to comprehend his complicated and sometimes dangerous surroundings was woefully inadequate.

Excerpted from Central Park Five by Sarah Burns. Copyright 2011 by Sarah Burns. Excerpted by permission of Knopf. All rights reserved.

Source: http://www.npr.org/2011/05/24/135784800/innocence-and-injustice-in-central-park-five?ft=1&f=1032

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Sales Tax Audit | Calculating Taxes : How To Calculate Gross ...

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Home / Finance / Sales Tax Audit | Calculating Taxes : How To Calculate Gross Income For Taxes

May 23, 2011 by ?
Filed under Finance

? ?calculating taxes? ?tax calculations? IRS ?Internal Revenue Service? ?sales tax? ?income tax? money ?financial advice? ? ehow ? The tax season ?

Source: http://silvager.com/sales-tax-audit-calculating-taxes-how-to-calculate-gross-income-for-taxes/

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Readers Ask: How Do I Get My E-Book Signed?

Authors are finding solutions to this new problem. This week, Robert Kiyosaki of the Rich Dad, Poor Dad series is holding a digital book signing event. During a live chat on Facebook with the author, you can order an e-book and have it e-signed and e-delivered to your e-reader.

Source: http://www.npr.org/2011/05/23/136570782/the-last-word-in-business?ft=1&f=1006

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