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Parliament clears Securities Laws (Amendment) Bill 2014 - UNI



13.8.2014 (UNI) With the Rajya Sabha passing it by a voice vote, Parliament cleared a Bill seeking to empower the Securities and Exchange Board of India to crackdown on fraudulent investment schemes and instil confidence among investors.
The Securities Laws (Amendment) Bill, 2014, moved in the Upper House by Finance Minister Arun Jaitley, has already been passed in the Lok Sabha on August 6, 2014.
Replying to a debate, the Finance Minister said the Bill would make SEBI more effective.
He said a regulation in the securities market was necessary to ensure that there was a fair play in the market.
Responding to members' concerns, the Minister said the power to tap telephones was not given under the Act.
'There is no power to tap telephones under the Act. The power to tap telephones falls under the purview of the Telegraph Act.
The Bill was later passed by voice vote.
The legislation seeks to empower and strengthen SEBI to crackdown on fraudulent investment schemes and seek information from any entity related to a probe.
The Bill empowers SEBI to call for relevant information and records from any person. It also provides that any pooling of funds in any unregistered scheme or arrangement, having corpus of Rs 100 crore or more, shall be deemed to be a collective investment scheme.
It also empowers the SEBI to establish special courts -- to ensure speedy trial with powers such as the authority to seek call-data records as also to enhance the penalty imposed by an adjudicating officer. 

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