A bill introduced in Lok Sabha aimed to deal with fraudulent investment schemes
NEW DELHI:The government introduced a bill in the Lok Sabha on Monday aimed at giving the Securities Exchange Board of India (Sebi) more teeth to deal with fraudulent investment schemes, seek information from any entity related to a probe and also provide for setting of special courts to ensure speedy trial.
The Securities Laws (Amendment) Bill, 2014 was introduced by minister of state for finance Nirmala Sitharaman in the Lok Sabha on Monday. It was introduced in the afternoon though it’s introduction was not listed in the House business for the day.
When some members of the opposition asked why finance minister Arun Jaitley was not introducing the Bill, the MoS said he was unwell and so could not attend the House. The Bill aims to empower Sebi by giving it such powers as the authority to seek call data records.
In the objects and reasons for the Bill, the government said, “ to protect the interests of investors and to ensure orderly development of securities markets, it has become necessary to enhance the powers of the board”.
The Bill aims to protect investors as well as curb fraudulent investment schemes thriving at the expense of gullible investors.
( Source : dc correspondent )
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