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DCA sets at rest controversy over Sebi's powers

The Department of Company Affairs on Monday set at rest the controversy over its opposition to giving limited search and seizure powers to Securities and Exchange Board of India, saying the issue has been resolved.

"I had a meeting with the finance secretary about 20 days back and the issue has been resolved," DCA secretary V K Dhall told reporters in New Delhi.

Dhall's comments come in the wake of reports that DCA wants Sebi to be given only limited search and seizure powers in respect of listed companies, in addition to the power already vested with the Department under the Companies Act.

DCA has reportedly made it clear to the government that if Sebi is to be given search and seizure powers, these should be limited for listed companies. Sebi's powers will be additional powers and in no way impinge on DCA's existing powers of search and seizure.

Earlier, official sources said Sebi wants omnibus powers but DCA thinks it needs to be empowered only in cases of insider trading charges or those relating to stock market manipulations.

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