Ordinance lapse hampers SEBI act against fraudulent activities

India Infoline News Service | Mumbai |

An ordinance can be promulgated or re-promulgated only after the President signs it

The Union Cabinet may consider re-promulgating the SEBI ordinance next week, according to a media report.
Ordinance may refer to a rule established by an organization to regulate itself. It is an authoritative command or order.
An ordinance giving additional powers to SEBI lapsed over two months back. The regulator is finding it difficult to initiate action against entities suspected to be involved in fraudulent activities, the report added.
An ordinance can be promulgated or re-promulgated only after the President signs it, the report said.
Once approved, the ordinance will give enhanced power to SEBI in order to act against ponzi and illegal deposit schemes. SEBI will also get power for search, seizure, attachment and recovery.
 

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