Cabinet to consider proposal for Sebi ordinance tomorrow

Tags: News
The Cabinet is likely to consider tomorrow a proposal to bring an ordinance that provides more powers to market regulator Sebi for cracking down on ponzi schemes.

The Securities Law (Amendment) Ordinance will be re-promulgated as it had lapsed on January 15.

According to sources, the Cabinet may tomorrow consider a proposal to bring the ordinance.

The Securities and Exchange Board of India (Sebi) was given these powers last year through an ordinance, which was first promulgated in July and for second time in September, but it lapsed last month as a Bill in this regard could not be passed in Parliament.

The actions taken by Sebi till January 15 would remain valid and the recovery proceedings would continue in these cases.

The powers were given to check illicit investment schemes and other market manipulations.

A Bill to replace the ordinance could not be passed during the last Parliament session.

Among others, the ordinance had given Sebi greater powers to crack down on ponzi schemes, seek call data records to check insider trading and carry out search and seizure operations.

Under its recovery mechanism, Sebi was authorised to order attachment and sale of defaulter's movable property and immovable properties, freezing of bank accounts, arrest of the defaulter and his detention in prison, as also appointment of a receiver for management of movable and immovable properties.

EDITORIAL OF THE DAY

  • Public musn’t pay for domestic servants for our diplomats

    Nothing seems to have changed in the year and half since the fur that flew thick and fast over the case of diplomat Debjani Khobragade and her maid Sa

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture