New SEBI chief Bhave recused from proceedings against NSDL

Incoming stock market regulator C B Bhave, currently chairman and managing director, National Securities Depository Limited, who will succeed M Damodaran at SEBI, has requested to be recused from SEBI proceedings against the depository.

In addition Bhave had also asked for mechanisms to be instituted to oversee these proceedings.

Accordingly the finance ministry has advised the SEBI board to have the NSDL proceedings to be handled by a team of non-whole time members the watchdog panel who had not been a party to the initiation or processing of these proceedings in order to ensure objectivity in the handling and conduct of the pending proceedings.

Neither Bhave who was heading NSDL nor the nominee of the ministry of finance on the board of SEBI will be involved in this special arrangement.

A three part time members of the SEBI board will oversee the proceedings. The team will associate an eminent legal expert for professional advice.