Lok Sabha passes Securities Laws Amendment Bill, 2014

India Infoline News Service | Mumbai |

Prime Minister Narendra Modi would soon announce a scheme that would widen financial inclusion in the country to lure people away from ponzi schemes.

The Securities Laws Amendment Bill, 2014 was passed by Lok Sabha on Wednesday without any opposition.

The bill will empower and strengthen, SEBI to crackdown on fraudulent investment schemes and seeks information from any entity related to a probe. 

Prime Minister Narendra Modi would soon announce a scheme that would widen financial inclusion in the country to lure people away from ponzi schemes.

Highlights of Securities Laws (Amendment) Bill 2014
It empowers SEBI to call for relevant information and records from any person
There is a provision for disgorgement
The Bill provides that any pooling of funds in any unregistered scheme or arrangement, having corpus of 100 crore rupees or more, shall be deemed to be a collective investment scheme
The Bill provides for express powers for the settlement (compounding)
It empowers SEBI to establish Special Courts - to ensure speedy trial with powers such as the authority to seek call-data records
Powers of recovery of amounts
Empowering Board to enhance the penalty imposed by an adjudicating officer
This also empowers SEBI to carry out search-and-seizure operations related to investigations under a designated court in Mumbai. 
The Securities Laws (Amendment) Bill 2014 has amended Section 15A-HB of the SEBI Act and prescribed a minimum penalty to be imposed for each violation. 


 

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