Cabinet: Power to Sebi

Jul 18, 2013 |

Age Correspondent

New Delhi

The government on Wednesday approved a proposal from the finance ministry to amend the Sebi Act to provide more teeth to the Securities and Exchange Board of India to effectively monitor and crack down on Ponzi schemes and other frauds against investors.
According to official sources, the amendments approved at a meeting of the Union Cabinet would also give Sebi powers to “conduct search and seizure operations and access call data records”.
Sources said the amendments and other relevant regulations were finalised after detailed consultations with Sebi and will be introduced in Parliament during the Monsoon Session.
Once the amendments come into effect, the regulator would have direct powers to carry out search and seizure operations and for attachment of assets as part of efforts to crack down on Ponzi schemes.
Besides, Sebi would also have the power to seek information, such as telephone call data records, from any persons or entities in respect to any securities transaction being probed by it.

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