Sebi seeks overhaul of securities laws for greater powers
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 conaining 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.
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