Sebi seeks powers to grant immunity, impose lesser penalty in lieu of assistance in probe

New Delhi, Mar 10 () With an aim to bolster its information-gathering mechanism and fast-track its probe, market regulator Sebi has sought direct powers to grant immunity in select cases and to impose lesser penalty if the accused agrees to provide assistance against other wrongdoers.
In two separate proposals for the government, the Securities and Exchange Board of India (Sebi) has opined that such provisions would help it in establishing and securing stronger findings and orders against defaulters against whom sufficient evidence may not be available otherwise, officials said.

The new powers can be crucial for Sebi in some ongoing cases, including one involving a large bank and several high-profile names, officials added. At present, any immunity for securities law violations can be granted only by the central government.