Parliament clears SEBI Bill on Ponzi schemes

India Infoline News Service | Mumbai |

Securities Laws (Amendment) Bill 2014, which has 57 clauses, was passed by the Rajya Sabha on Tuesday

Parliament on Tuesday cleared a key bill to allow SEBI to act against ponzi operators and market manipulators more effectively through search and seizure, attachment orders and recovery proceedings and with access to call data records.

Securities Laws (Amendment) Bill 2014, which has 57 clauses, was passed by the Rajya Sabha on Tuesday, after Lok Sabha passed it last week. It now needs the President’s signature to become law.

The bill gives Sebi powers to act against all illegal money-pooling schemes involving Rs 100 crore or more, launch recovery proceedings, pass disgorgement orders for ill-gotten money and facilitate its return to identifiable investors, and seek call data records and other information from any person, company, bank, authority or organisation during its probes.

However, these powers do not include authority to tap phones and other electronic data directly.


 

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