New Delhi, Oct 19 :    New Delhi, Oct 19:  The Securities and Exchange Board of India (Sebi) today said the Bhagwati Committee reviewing the takeover code was looking at the tussle between Arun Bajoria and Bombay Dyeing even as it admitted that the statute itself required changes to make it more effective and fair. Sebi chairman D.R. Mehta, who met finance minister Yashwant Sinha today, said the regulator was inviting suggestions on the changes that could be made in the takeover code. 'I am not commenting on the Bajoria issue. However, we think that there is a need for changes in the rules. We have appointed a committee headed by Justice Bhagwati to offer suggestions,' he said. Asked whether Sebi had told Sinha it wanted more powers from the government, Mehta said the suggestions made by the Dhanuka committee are already pending with the government. 'It is examining the request for more powers.' The capital market watchdog has been seeking additional powers to be more effective, saying it does not even have the kind of authority that is now vested in the department of company affairs (DCA). This prevents it from taking stringent action against companies or promoters. Meanwhile, Sebi will start hearings in the Bajoria-Wadia case to decide whether Bajoria violated the takeover code. 'Sebi will give its final word only after the hearing,' Mehta said. The regulatory body had said earlier the Calcutta-based jute baron had informed Bombay Dyeing that he had acquired over 5 per cent in the company through his investment firm, Mega Resources. Sebi had said this in a letter despatched to Bombay Dyeing last month, but the Wadia flagship denied having received it. The Bajoria-Wadia battle has seen industry divided between the two businessmen. Ficci has extended implicit support to Bajoria by saying it is important is to determine whether his purchases were in conformity with the takeover code. 'In case the takeover code has been followed, the current set of laws cannot be set aside,' the chamber has said. CII and Assocham, on the other hand, have asked Sebi to raise the creeping acquisition limit for promoters to bring them on par with raiders.