Cabinet clears bill to empower SEBI to deal with ponzi schemes

By PTI
24 July, 2014

A Bill to effectively empower the market regulator Sebi to crack down on ponzi schemes and investment frauds was approved by the Cabinet today.

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.


Leave Your Comment
Parliament clears bill to empower SEBI

Parliament clears bill to empower SEBI

PTI 3 years ago
Tightening the regulatory noose on fraudsters, Parliament on Tuesday cleared a key bill to allow Sebi to act against ponzi operators and market manipulators more...
Bill to empower SEBI introduced in LS

Bill to empower SEBI introduced in LS

PTI 3 years ago
A bill was today introduced in Lok Sabha to amend the securities market laws that would give more teeth to Sebi to crackdown on fraudulent...
SEBI allows infrastructure debt funds & NBFCs to file shelf prospectus for non-convertible debt securities

SEBI allows infrastructure debt funds & NBFCs to file shelf prospectus for non-convertible debt securities

TEAM VCC 4 years ago
Market regulator Securities & Exchange Board of India (SEBI) has expanded the eligibility of firms which can come out with shelf prospectus by adding entities...
No Comments

Cabinet clears bill to empower SEBI to deal with ponzi schemes

Powered by WordPress.com VIP