Advertisement

HindustanTimes Sat,25 Oct 2014

Govt approves amending of Sebi act

HT Correspondent , Hindustan Times  New Delhi, July 17, 2013
First Published: 19:25 IST(17/7/2013) | Last Updated: 01:08 IST(18/7/2013)

The government on Wednesday approved a proposal to amend the SEBI Act to empower capital market regulator Securities Exchange Board of India (SEBI) to conduct search and seizure operations, access call data records and crack down on ponzi schemes to prevent financial fraud involving gullible small depositors.

Advertisement

This comes after a similar scandal allegedly involving Kolkata-based Saradha group.

The decision was taken at a Union cabinet meeting on Wednesday, sources said.

After the amendments are enacted, SEBI would be able to directly carry out search and seizure operations and seek information from telephone call data records to prevent any swindling. Under current rules, SEBI can carry out search and seizure operations only after judicial approval from the chief metropolitan magistrate.

SEBI would also be given powers to seek information, of persons or organisations that it suspects.


Advertisement
more from Business

Fireworks back for FMCG companies this Diwali

With the overall consumer sentiment improving, companies are launching new products, and are finding buyers too. Premium products are selling particularly well, according to executives at several large consumer goods firms.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved