August 4, 2014 9:20 PM

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Govt introduces Securities Laws (Amendment) Bill, 2014

Government on Monday introduced the Securities Laws (Amendment) Bill, 2014.The Bill is aimed at empowering capital market watchdog Securities and Exchange Board of India SEBI by giving powers such as authority to seek call data records.It will also give more teeth to SEBI to crackdown on fraudulent investment schemes, seek information from any entity related to a probe and also provide for setting of special courts to ensure speedy trial.The bill was introduced by Minister of State for Finance Nirmala Sitharaman in Lok Sabha on Monday.Introducing the bill, she said, it has become necessary to enhance the powers of the board to protect the interests of investors and to ensure orderly development of securities markets.An ordinance to empower SEBI to deal with ponzi schemes was promulgated thrice during the previous UPA regime but the same could not be passed by Parliament to make it an Act.Sitharaman also introduced bills to amend Securities Contracts (Regulation) Act, 1956 and Depositories Act, 1996.

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