Finance minister P Chidambaram said on Saturday the government may promulgate the ordinance giving greater powers to Sebi for the third time if the standing committee scrutinising the Bill to replace it does not submit the report in the current session of Parliament. Commenting that the legislation and law making in India is a complex process, the FM said the committee was to submit the report on first day of the session (December 5), but it is yet to be done.
The ordinance has already been promulgated twice so that the powers given to Sebi remain in place for effective supervision of markets and regulatory actions, he said. The ordinance provides powers for Sebi chairman to authorise investigating authority or any other officer of the regulator to conduct search and seizure under the Sebi Act. It also empowers Sebi to make regulations in relation to search and seizure.