Mumbai :  Adding extra powers to its crackdown against fraudsters, Sebi notified new norms empowering its Chairman to order search and seizure operations during investigations, while necessary safeguards have also been put in place to protect rights of affected persons.

These norms come a day after Sebi notified new regulations for greater oversight on Collective Investment Schemes, a stricter set of settlement procedures and a framework for providing refunds to small investors hit by irregularities in the markets.

These regulations, which run into 24 pages, provide detailed procedures to be followed for issuance of warrants and execution of search and seizure orders, among others.

Besides, a necessary framework has been provided for the safeguards to be adopted during different stages of search and seizure and to protect the rights of those persons subjected to search and the obligations of the authorised persons.

As per the new regulations, Sebi’s Investigating Officer would have to request the Sebi Chairman for one or more Warrants of Authority for execution of search and seizure of a person, an enterprise, building, place, vessel, vehicle or

aircraft. These warrants would need to be returned to Sebi Chairman after being executed fully along with the seizure memo, or even if not executed within the authorised time, if any.

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