Press Esc to close
Thursday 24 July 2014
News updated at 12:50 PM IST
Weather
Max: 27.9°C
Min : 21.3°C
In Bangalore
Sunny day
Breaking News

Parliamentary panel concerned over giving Sebi more teeth

New Delhi, October 20, 2013, DHNs:
Sebi building, Mumbai

Cutting across party lines, members of a Parliamentary standing committee have expressed concerns about some clauses in a proposed bill that gives powers to the Securities and Exchange Board of India (Sebi) to attach immovable properties and carry out search and seizure operations in connection with its investigations.

Senior BJP leader Yashwant Sinha, who heads the standing committee on finance, which discussed the Securities Laws (Amendment) Bill, 2013, said its members also insisted that prompt payment of compensation should be made to investors in cases of fraud.

They suggested that small investors should be paid within a specific timeframe after the regulator seizes funds while probing fraud cases and the investors need not wait till the delivery of the court judgement, another panel member said.


The panel discussed the bill that seeks to amend the Sebi Act, 1992, with consequential changes in the Securities Contracts Regulation Act, 1956 and the Depositories Act, 1996.

The new bill proposes to empower Sebi to order disgorgement of unfair gains while also authorising it to attach bank accounts and property as well as arrest and detain a person for failure to comply with disgorgement orders or pay monetary penalty.

The new legislation also proposes to establish special fast-track courts for speedy trial of offences under the Act.

Go to Top

Photo Gallery
A relative of a passenger on board the crashed TransAsia Airways plane cries in Kaohsiung...

A relative of a passenger on board the crashed TransAsia Airways plane cries in Kaohsiung...

Rescue workers survey the wreckage of TransAsia Airways flight GE222 which crashed...

Rescue workers survey the wreckage of TransAsia Airways flight GE222 which crashed...

Priyanka Chopra during the unveiling of trailer of the film ''Mary Kom'', in Mumbai...

Priyanka Chopra during the unveiling of trailer of the film ''Mary Kom'', in Mumbai...

Artists perform during the launch of Philips and Disney imaginative lighting range in New Delhi...

Artists perform during the launch of Philips and Disney imaginative lighting range in New Delhi...

People watch as pyres burn at a cremation ground on the banks of river Ganges in Varanasi...

People watch as pyres burn at a cremation ground on the banks of river Ganges in Varanasi...

Villagers cross the river Baitarani in a country boat after the same was flooded following...

Villagers cross the river Baitarani in a country boat after the same was flooded following...

Philipp von Sahr, President, BMW Group India with the newly launched BMW Active Hybrid 7...

Philipp von Sahr, President, BMW Group India with the newly launched BMW Active Hybrid 7...

Andhra Pradesh Chief Minister N Chandrababu Naidu distributing food grains to poors...

Andhra Pradesh Chief Minister N Chandrababu Naidu distributing food grains to poors...

Sand artist Sudarsan Pattnatik creates a sculpture on girl child abuse with a message...

Sand artist Sudarsan Pattnatik creates a sculpture on girl child abuse with a message...

Lightning on a thunderstorm  crackles over the mountains just south of Tollgate, Ore...

Lightning on a thunderstorm crackles over the mountains just south of Tollgate, Ore...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523