'Leave adjudication to stock exchanges'

MUMBAI, MARCH 2. The Securities Appellate Tribunal (SAT) today recommended that adjudication on matters with respect to violation of discipline and code of conduct of brokers be left to the stock exchanges. "The Securities and Exchange Board of India (SEBI) takes on more than it can chew and is over burdened with work which can be assigned to others. Discipline and code of conduct of brokers is a matter of concern to the Tribunal since such matters are constantly before us," said Justice Kumar Rajaratnam, Presiding Officer, SAT. While addressing a full bench farewell function for the SAT member, B. Samal, which was also attended by the SEBI Chairman, M. Damodaran, Justice Rajaratnam said that if adjudication on these matters with respect to violation of discipline and code of conduct was left to the National and the Bombay stock exchanges, it would save SEBI a lot of time to deal with more serious acts of misconduct.