Capital market regulator SEBI (Securities and Exchange Board of India) has established a local office in Chandigarh, as part of a move to decentralise its work to regional offices.
The Chandigarh office has been established under the administrative control of the regulator’s Northern Regional Office at New Delhi, a SEBI notification dated June 19 said.
The new local office would look after the regulatory aspects of investor protection, facilitate redressal of investor complaints, financial and investor education, among other functions, across Chandigarh, Punjab and Haryana.
“...its role and responsibility shall extend to the areas falling under the territorial jurisdiction of Union Territory of Chandigarh, State of Punjab and State of Haryana,” SEBI said.
So far this year, the Mumbai-headquartered SEBI has opened its local offices in Patna, Hyderabad and Lucknow.
In 2012, the regulator had set up offices in cities such as Jaipur, Bengaluru and Guwahati.
The regulator, at its board meeting in July 2011, had cleared a proposal to decentralise its functions by opening regional offices.
The regulator is looking to strengthen its regional offices since physical proximity of its office to investors and intermediaries would promote deepening and broadening of the securities market.