SEBI should seek power to intercept calls: Committee

Mumbai : An expert committee on "Fair Market Conduct" has recommended that Security and Exchange Board of India (Sebi) should seek powers to intercept calls among other steps to curb cases of insider trading, front running or market manipulation.

"The Committee recommends that SEBI may seek direct power to intercept calls but ensure proper checks and balances for use of the power by necessary amendment in the relevant laws," the committee said in its recommendation report.

The power sought to intercept conversation details may be equivalent to power given to other regulatory agencies, such as the Central Board of Direct Taxes, to deal with economic offences," it added.