In the Budget 2019 document FM has proposed that SEBI should constitute a reserve fund, and 25 per cent of the annual surplus of the general fund should be credited to this reserve fund. Moreover, the transfer to the reserve fund every year should not exceed the total annual expenditure of the preceding two years.
Ajay Tyagi, Chairman, SEBI, has appealed to the Prime Minister’s Office (PMO) and Finance Minister Nirmala Sitharaman to reconsider the Budget 2019 proposal to transfer 75 per cent of the regulator’s surplus funds to government coffers. Tyagi’s letter comes after SEBI employees last week wrote to Sitharaman to reconsider her proposal.
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