A Bill to effectively empower the market regulator Sebi to crack down on ponzi schemes and investment frauds was approved by the Cabinet on Thursday.
Following the CCEA approval, the Securities Laws (Amendment) Bill will be introduced in Parliament. “The Cabinet Committee on Economic Affairs has cleared the Sebi Bill,” an official source said.
The Bill seeks to give Sebi sweeping powers like attachment of properties, launch of recovery proceedings, seeking call data records to investigate cases and ordering search and seizure against manipulators and fraudsters.
The previous UPA government had sought to empower the market regulator to deal with ponzi schemes through an Ordinance, which was promulgated thrice. However, the Ordinance could not be passed by Parliament which is necessary for making in an Act.
Once the amendment, approved by the CCEA, is passed by Parliament, Sebi would get the requisite powers to deal with economic offences of serious nature.
"it Is A Perfectly Balanced Judgement: Kts Tulsi On Salman (nnis Exclusive) "
Gave It All To Bring Out Truth: Public Prosecutor On Salman
Hit And Run Case: Salman Khan Faces 5 Years Imprisonment
May God Give Strength To Salman’s Family – Raj Babbar
Vintage Design: The Montblanc Fountain Pen
The Holiday Professionals - A Chef In Portugal