In submissions made to the Supreme Court appointed committee to look into the Adani saga, the market regulator said no matter how strict the laws are, there will always be market participants who would look to comply with laws in letter but not in spirit. Hence, the markets regulator urged the committee to recommend creation of anti-avoidance provisions that give Sebi powers to go after entities looking to avoid complying with the law, the committee report showed.
Anti-avoidance laws are a key power at the disposal of the global tax regulators to penalise the entities or individuals who create innovative structures to avoid paying higher taxes.
Even the Indian tax department has such a power which is covered under General Anti-Avoidance Rules (GAAR). Now, Sebi wants a similar provision which will enable the regulator to crack down on related party transactions, insider trading and other potential market violations.
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Denne historien er fra May 22, 2023-utgaven av Mint Mumbai.
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Quick Edit: The market's green role
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