President re-promulgates SEBI ordinance

India Infoline News Service | Mumbai |

The Finance Ministry has obtained the Cabinet and Election Commission's approval for the re-promulgation

President Pranab Mukherjee cleared the re-promulgation of the SEBI Ordinance that had lapsed on January 15, since Parliament could not pass the Securities Laws (Amendment) Bill 2013 in the Winter session.
Ordinance may refer to a rule established by an organization to regulate itself. It is an authoritative command or order. An ordinance can be promulgated or re-promulgated only after the President signs it.
The Securities Laws (Amendment) Bill 2013 seeks to empower Sebi to regulate all Ponzi or money pooling scheme worth Rs 100 crore or more and also attach assets in cases of non-compliance. It also empowers the Sebi to order “search and seizure operations.”
The Bill also also seeks t to authorise the markets watchdog to demand information, such as phone calls data records, for aiding its securities transactions investigations.
The Finance Ministry has obtained the Cabinet and Election Commission's approval for the re-promulgation.
 

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