Markets regulator SEBI has started strategising its manpower resources to tackle the backlog of adjudication and inquiry matters. The Securities and Exchange Board of India has now appointed nine General Manager and Chief General Manager level officials from the legal department as part time adjudicating officers for passing orders in other pending cases.
There are thousands of adjudication matters pending as on date with SEBI, a huge number of which have seen slow or no progress, experts said.
Illiquid options cases
A large number of adjudicating matters pertain to 14,000-odd illiquid options cases and similarly, inquiries are pending in the derivative segment in a large exchange. Just a few weeks ago, SEBI had appointed nearly 150 General Managers and Deputy General Managers as Adjudicating Officers on part time basis. Currently, SEBI has 8 full time Adjudicating Officers of Chief General Manager level.
On an average, SEBI takes nearly two years to complete adjudication proceedings. Even after appointment of part time SEBI officials, which are considered few in numbers, adjudication matters may continue to bog down SEBI for years to come, experts said.