Makeover at Sebi

The new chairman's initiative for optimum regulation within a fixed time frame makes ample sense

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After a lot of cacophony over the last couple of years, the corner office at Sebi Bhavan is giving out sound bites that should soothe the nerves of regulated entities. The new chairman of the Securities and Exchange Board of India (Sebi), Tuhin Kanta Pandey, has been making all the right noises, which is the way it should be, as market intermediaries look up to the regulator for guidance. In an interview to this paper — his first after taking over the new position — Pandey said he will set up an internal panel to review all regulations and weed out those that have lost relevance. His earnestness is evident from the fact that a time frame of three months has been given to accelerate the process. His stated preference for optimum regulation instead of maximum regulation should create a lot of positive vibes. The good thing is Pandey has avoided the familiar route of appointing external committees to draw up a mission statement.