While the ordinance was in force, SEBI had started more than 300 attachment proceedings in about 65 cases for the recovery of close to Rs 2,000 crore from defaulters and fraudsters, including those who raised money through illicit money-pooling activities. There has been no impact of the ordinance lapse on these cases, the official said, adding that proceedings are being initiated in numerous additional cases now. The ordinance vests with the Securities and Exchange Board of India various powers, including carrying out search and seizure operations and calling for information from banks, corporations, boards or any other authority. It also allows the regulator to seek telephone call data records. SEBI will have the power to increase the penalty on an erring entity within three months of passing an order provided the party concerned is given an opportunity to be heard in the matter.
