The ordinance provides powers for Securities and Exchange Board of India chairman to authorise search and seizure
President Pranab Mukherjee. File photo.
New Delhi: President Pranab Mukherjee has re-promulgated the ordinance that provides more powers to market regulator Sebi, especially, to crack down on illicit money pooling schemes.
The ordinance, which lapsed on January 15, has been re-promulgated for the third time as the Parliament could not pass the Securities Laws (Amendment) Bill 2013 in the Winter session. “Yes” said a top government official when asked if the President has re-promulgated the Sebi ordinance.
Among others, the ordinance provides powers for Securities and Exchange Board of India chairman to authorise search and seizure.
For re-promulgating for the third time, finance ministry sought opinion of law ministry and later it was cleared by Cabinet.
( Source : PTI )
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