Sinha expressed the hope that the government will consider the demand favourably.
“The moment there is a clarity on that, we will come out with our regulations,” he said.
Sinha also wanted a tax clarity on infrastructure corporate bonds for foreign institutional investors (FIIs).
He also wanted the government to enact a law to replace an ordinance which provides SEBI the regulatory jurisdiction of all unregulated entities that take deposits of at least Rs 100 crore.
“An ordinance is an ordinance. It has a limitd life. I am hopeful that the government will consider that this ordinance is converted into an act very soon,” he said.
The SEBI chairman said there are still a large number of unregulated fund raising activities. These are coming under various names–chit funds or nidhi companies, housing schemes.
“That menace has not still been fully controlled.”
Sinha disclosed that since the ordinance was promulgated, SEBI has taken action in more than 25 cases. “We have passed our orders, we have stopped them from raising money.”