SEBI employees oppose government’s involvement in its finances

I wrote about how the Budget has proposed that SEBI should transfer 75% of its surplus each year to the Government.

Hindu Business Line reports that SEBI’s employees are opposing the move:

SEBI employees are up in the arms against Finance Minister Nirmala Sitharaman. In a strongly worded letter to FM, the association of SEBI employees have opposed a proposal in the Budget that seeks to transfer 75 per cent of the regulator’s surplus funds to government coffers by terming it as additional tax on market participants.

Also, the letter calls FM’s proposal to subject Securities and Exchange Board of India (SEBI) to seek government approval for its annual expenditure as regressive. BusinessLine has the copy of the letter.

 

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