Pass final order within year of interim order: CVO tells SEBI 

The Chief Vigilance Officer (CVO) has raised concerns with Securities and Exchange Board of India over delays in passing of orders relating to quasi-judicial matters, and has issued a ‘guidance’ note seeking faster order issuances. The Chief Vigilance Officer (CVO) of Securities and Exchange Board of India (SEBI) has raised concerns over delays in passing of orders relating to quasi-judicial matters, and has issued a ‘guidance’ note seeking faster order issuances. Officials of the Central Vigilance Commission held a meeting with recently-retired SEBI Chairman UK Sinha on February 10, during which various vigilance related matters and other issues relating to SEBI were discussed. The Chief Vigilance Officer then issued a guidance note, saying that SEBI adjudicating officers and whole time members should “endeavor” to pass confirmatory orders within three months where applicable, and the final order within a year of passing the interim order. “In case any matter is pending beyond one year, a status report in this regard may be put up to the board with chronology of events with reasons and justification in each case,” the CVO guidance said. 

The guidance note also said that adjudicating officers and whole time members should review pending cases periodically. A quasi-judicial body is an entity such as an arbitrator or tribunal board. They are obliged to objectively determine facts and draw conclusions from them so as to provide the basis for an official action. SEBI whole-time member and adjudicating officers are considered as quasi-judicial officials. In its note, the CVO said that as a principle, older cases should be cleared first. However, it added that priority should also be given to seven types of case conditions -- including cases in which there are directions or observations from courts, where large number of investors are involved, those referred by CBI, where there are VIP references at any stage and cases which have been highlighted by the media. The CVO added such cases should also be cleared first, which are a subject matter of frequent RTIs 

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