I also missed the half dozen master circulars issued by SEBI over the past few days. Here is a link to the Master Circulars. Though this is a fantastic output, there is a serious problem with the master circulars. And here is the problem: "In case of any inconsistency between the master circular and the applicable circulars, the contents of the relevant circular shall prevail." Thus where the master circular was supposed to consolidate say 500 circulars into one sane document, what has happened is that not only must you look at 501 documents but also compare and contrast the contents of these documents. SEBI must immediately repeal all previous circulars for this important initiative to be really constructive.
Hat tip: SEBI updates.
1 comment:
On the issue of discrepancy between the Master Circular and the relevant circular, unfortunately that is how it is in any codifcation/consolidation exercise - see U.S. National Bank of Oregon v. Independent Insurance Agents of America, in the US context. But yes, I completely agree with you - practically it is a pain.
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