Worried over delays in prosecution of those found to be involved in frauds and other offences, market watchdog SEBI has asked the government to set up special courts to fast-track the process of bringing the guilty to book.

Expressing concern over some cases continuing for years, SEBI Chairman U K Sinha told reporters in Mumbai that there was a need for special courts to expedite the process and the regulator has asked the government to facilitate the same.

Asked about the cases like the one against Rajat Gupta in the US where the Indian-origin banker is facing a possible jail term for many years, Sinha said, legal provisions in India and the US are entirely different. Sinha said that there is a provision for prosecution as well in India, in addition to penalties.

Asked whether he would ask the government to make provisions for special courts to handle market-related cases, Sinha said, it has already been done.