SEBI Adds Zerodha’s Nithin Kamath & Groww’s Lalit Keshre To Advisory Committee

Market regulator SEBI has appointed Nithin Kamath, founder and CEO of Zerodha Broking and Groww’s CEO Lalit Keshre as members of the reconstituted advisory committee. The same has been done to gather suggestions on issues around legal framework changes and initiating transparency in the system. 

Reportedly, the committee has been reconstructed to keep a watch on market intermediary procedures including stock brokers, depository participants and clearing members. 

According to a News18 report, the market regulator said that S Ravindran Jain, former executive director at SEBI will continue to chair the new panel. 

Further, the new committee of 21 members will have representation from the stock brokerage industry, financial institutions, law and also, SEBI members.  

Apart from Kamath and Keshre, other members joining the committee include Ashish Chauhan, managing director and CEO of National Stock Exchange (NSE); Sundararaman Ramamurthy, MD and CEO of BSE; Narendra Wadhwa, president at Commodity Participants Association of India (CPAI) and Vijay Mehta, president at Association Of National Exchanges Members of India (ANMI).

Recently, SEBI has been vocal about the regulatory policies. Earlier this month, the regulatory body asked the fund trustees to find out the proportion of ‘high-risk’ clients and non-profit organisations in each of the funds they are engaged with.

It reportedly also sought details of the percentage of investors who are based out of the countries that are in the grey list of the Financial Action Task Force’s (FATF) or the UN Security Council’s list for money laundering and terror financing activities.

The market watchdog has been keeping an eye on every movement for some time now. The body also fined three administrators of a Telegram channel of more than INR 5.83 Cr, for being involved in stock manipulation, along with three other entities concerned.

Recently, it has also sought clarification of draft red herring prospectus (DRHP) for IPOs, from D2C personal care startup Mamaearth and hospitality startup OYO.

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