The Sebi Amendment Bill that provides more teeth to the market regulator approved
Picture used for representational purpose (Photo: DC/File)
New Delhi:The Sebi Amendment Bill that provides more teeth to the market regulator to conduct searches and seek information from suspected entities was approved by the Lok Sabha on Wednesday.During the discussion on the Bill, the government asserted that it would soon announce a financial scheme that will discourage people from being allured by fraudulent operators.
The Securities Laws (Amendment) Bill, 2014, was passed in the lower house after a detailed discussion by representatives of various political parties, who welco-med the Bill in the wake of rising incidents of lakhs of investors being duped by fraudulent investment companies.
Contending that the best way to deal with the menace of ponzi scheme was to expand the reach of banking system, finance minister Arun Jaitely said said Prime Minister Narendra Modi will soon announce a scheme that will discourage people from being allured by fraudulent operators.
The new law, once it comes into force, will empower Sebi investigators to conduct searches and seek information from suspected entities, both within and outside the country. However, as a safeguard, any search operation can be conducted only after appro-val of a designated court in Mumbai, where Sebi’s headquarters is based.
( Source : dc correspondent )
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