New Securities Laws Amendment Act provides Extra Powers to SEBI
The Securities & Exchange Board of India (SEBI) has been given more powers to attack on illicit money pooling and other frauds. The government has passed a new law which empowers the capital market regulator to pass orders for attachment of properties, arrest of defaulters and to have access to call data records. Earlier this month, the Securities Laws Amendment Act, was cleared by the parliament. It has amended all legislations governing capital markets.
The new act has also setup a new fast track SEBI court to speed up the process of investigation and prosecution. This also includes an approval for search and seizure operations in suspected cases of frauds. The Act has come into force through a gazette notification on August 25. The new act has 57 clauses to amend various sections of the SEBI Act and two other legislations.