DCA for limited Sebi search & seizure powers

NEW DELHI: The Department of Company Affairs (DCA) wants the Securities and Exchange Board of India (Sebi) to be given only limited search and seizure powers in respect of listed companies, official sources said here on Tuesday.
"DCA has already made it clear to the Department of Economic Affairs (DEA) in a meeting last week that if Sebi is to be given search and seizure powers, these should be limited for listed companies. Sebi''s powers will be additional and in no way impinge on DCA''s existing powers of search and seizure," they said.
Reacting to media reports that the government was likely to issue an ordinance to transfer these powers from the DCA to Sebi, official sources said Sebi needs to search company premises or seize documents only in the case of companies which are listed on the stock market.
"Sebi wants omnibus powers. But DCA thinks it needs to be empowered only in cases of insider trading charges or those relating to stock market manipulations," they added.
The DCA secretary and Sebi representatives have expressed their divergent views on the matter before the government in a meeting last week but no decision has yet been taken on it, sources added.