Budget 2013: Govt to give more power to market regulator Sebi
been facing restrained in taking necessary actions against market manipulators as it lacks an effective power of search and seizure, and due to limited sharing of information with overseas regulators as well as lack of power to call for information from any person in relation to enquiry or investigation.
Sebi had last sought amendments to the Securities Laws in 2009 and had sent its recommendations to the Finance Ministry.
However, the Ministry later informed it that Sebi should pursue only critical amendments for the time being, as the government had set up a Financial Sector Legislative Reforms Commission (FSLRC) to rewrite and harmonise the entire gamut
of financial sector laws.
Accordingly, Sebi in 2011 forwarded a proposal containing only critical amendments to securities laws, which it felt cannot wait long and must be perused independent of the recommendation of the FSLRC.
The Finance Ministry in December had sought certain clarifications with regard to the proposed amendments, pursuant to which Sebi has now decided to limit its proposals to the "most important and critical amendments" and keeping the others for consideration after FSLRC recommendations.
Be the first to comment.
