Zee Media Bureau
New Delhi: Sebi Chief UK Sinha on Thursday said that new powers to the market regulator will expedite prosecution of defaulters and those raising pbulic money with illicit schemes.
The government today notified a new law empowering the capital market regulator to pass orders for attachment of properties, arrest of defaulters and to access call data records.
The Securities Laws Amendment Act, which was cleared by Parliament earlier this month and amends all legislations governing capital markets, would also facilitate setting up of a special Sebi court to fast-track the investigation and prosecution process, including by granting approval for search and seizure operations in suspected cases of frauds.
The Act, which has come into force through a gazette notification dated August 25, is part of the government and regulators' efforts to tighten the noose around fraudsters in the wake of several cases of illicit money-pooling activities including by ponzi operators in various parts of the country.
The new Act has as many as 57 clauses to amend various sections of the Sebi Act and two other related legislations. The bill was passed by the Lok Sabha on August 6 and in Rajya Sabha on August 12.
With PTI Inputs
