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Indian authorities weighing how to regulate cryptocurrencies: SEBI

Technology
DC Correspondent
21 Dec 2017 2:52 AM GMT
India has no regulation for cryptocurrencies and like other global policymakers, it is seeking to understand how to supervise a market.
More than 800 companies listed on the National Stock Exchange (NSE) would be required to reconstitute their board if the Securities and Exchange Board of India (Sebi) implements the recommendation of the Uday Kotak committee on corporate governance.
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More than 800 companies listed on the National Stock Exchange (NSE) would be required to reconstitute their board if the Securities and Exchange Board of India (Sebi) implements the recommendation of the Uday Kotak committee on corporate governance.

India’s capital market regulator is talking with the government and central bank about how to regulate cryptocurrencies, its chairman said on December 20.

The Securities and Exchange Board of India (SEBI), plus officials from the Ministry of Finance, Ministry of Electronics and Information Technology and the Reserve Bank of India (RBI), are on a panel tasked with determining the legal oversight for cryptocurrencies such as bitcoin, Chairman Ajay Tyagi said.

“There has to be a process or law, only then can you take action,” Tyagi told reporters on the sidelines of a Confederation of Indian Industry conference in Mumbai.

India currently has no regulation for cryptocurrencies, and like other global policymakers, it is seeking to understand how to supervise a market that many feels are a speculative bubble.

Earlier this month, the RBI said it was concerned about bitcoin. India’s central tax authority is also surveying bitcoin exchanges to find out whether it can tax any transactions.

( Source : reuters )
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