Responding to Sebi's proposal, the Finance Ministry has opined any such powers should remain with the central government and a provision for that can be made by suitable amendments to the Sebi Act and the Securities Contracts Regulation Act (SCRA).
Additional Chief Metropolitan Magistrate Ekta Gauba also imposed a fine of Rs 1 lakh on convict Rajesh Kumar, who was a Grade-IV employee in the municipal corporation. The fine amount will be equally divided among the four victims.
The accused, Abhishek Vashishta from Kurukshetra, was arrested by a Special Cell team based on a tip-off on his whereabouts. Police said he has completed a five-year integrated course in journalism and mass communication from Kurukshetra University.
The branch manager of Canara Bank in Salkia, Howrah, had lodged an FIR in the Golabari police station on November 15. In her complaint, she alleged that a cheque of Rs 6,30,000 was deposited in her branch and Rs 3,66,591 was encashed.