New Delhi, Aug. 11 (PTI): The government will introduce tomorrow in Parliament the bill to amend the Securities and Exchange Board of India (Sebi) Act that will give more powers to the capital market regulator.
Finance minister P. Chidambaram will introduce a “bill to amend the Securities and Exchange Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956 and the Depositories Act, 1996”, according to legislative business listed in the Lok Sabha for Monday.
Besides, the minister will lay in the House an explanatory statement showing reasons for the immediate legislation (The Securities Laws Amendment Bill, 2013) by promulgation of the securities laws.
Last month, President Pranab Mukherjee had promulgated an ordinance amending the securities law that would provide more powers to the market watchdog.
With the amendments, Sebi will have more powers to crack down on Ponzi schemes, seek phone call records to check insider trading and carry out search and seizure operations.
In July, the government had said promulgation of the ordinance demonstrated its commitment to act with speed and alacrity to curb irregularities and frauds in the securities market.