Tackling black money growth is not the task of Sebi but it is pro-active in curbing market manipulations and information about tax evasion that comes to its notice is passed on to the authorities concerned, its chief UK Sinha said on Monday.
“Anybody who says that it is the primary responsibility of Sebi to check evasion of tax, I think they are completely misplaced. Sebi's job is to protect the interest of investors and see that market is not manipulated,”the Sebi Chairman said.
In recent times, there have been rising concerns over illegal fund flows in the system and there have been instances that came to the notice of Sebi where stock market was used to carry out illicit money transactions.
“Tackling growth of black money or collecting revenue is not Sebi's task. There are agencies in the country who are being paid for this job.” “You should appreciate that of all the agencies in the Government Sebi is the first one which has by way of doing its normal duty of checking the manipulation of the market also come across an instance were tax was evaded.