Skip to main content

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. 

Comments

Post a Comment

Popular posts from this blog

MCS MAHARASHTRA COOPERATIVE HOUSING SOCIETY BYE LAWS 101 TO END

MCS BYE LAWS CONTINUED FROM PREVIOUS POST 101 TO END 101. If all the business on the agenda of the General Body Meeting of the Society cannot be transacted on the day on which the General Body Meeting is convened, the meeting shall be postponed to any other suitable date as may be decided by the Members present at the meeting, however not later than 30 days from the date of the meeting. 102. The Chairman of the Society shall preside over all General Body Meetings of the Society, in case if the Chairman is absent or if present and is unwilling to preside, the Members present may elect a person from amongst themselves to preside over the meeting. 103. No proxy or a holder of power of attorney or letter of authority shall be eligible to attend a General Body Meeting of the Society on behalf of a Member of the Society. 104. Voting right of a Member and the Associate Member of the Society shall be regulated in accordance with the provisions of Section 27 of ...
4 comments
Read more

MCS ACT: Encroachment /usage of Common Area by Flat Owners - Highlights of bye laws and the role of MC/General Body

The Managing Committee has to read the bye laws in harmony and adopt a standard process as approved by the General Body   Almost Every Society has conflicts or even fist fights on usage of common areas, especially the parking, the passage outside the flats and other areas meant for east of movement and common utility. As a Building lay out, and common areas differ accordingly to the size/class of buildings and also the category of flats , it is essential to review the relevant bye laws and formulate a policy with uniform norms and permitting fair use. What is permissible and fair use again depends on the unique size and design of a building, it is imperative to evolve a robust policy post deliberations at a General Body of Members.  Bye Law No 165. Penalties for breaches  Bye Law No 165(a)  The meeting of the General Body of the Society may prescribe penalties for different breaches of the Bye-laws of the Society. The Secretary of the Society, under instruct...
1 comment
Read more

Labour Codes and Impact on Fixed Term Employees (FTE) and Contract Workers on Fixed Term Contract (FTC)

There is quite a confusion between the terms FTE and FTC and many believe the the recent sweeping changes in the Labour Codes, conferring better social securities especially right to gratuity on completion of one year (instead of existing 5 years) and also proportionate eligibility. Hence this piece of article.  Gratuity for FTC  Prior to Labour Codes As per Payment of Gratuity Act, the eligibility criteria for all employees, including fixed term employees (FTC) was 5 years continuous service Labour Codes Implication (effective 21st November, 2025)  The Code of Social Security (CoSS) & Industrial Relations Code (IR Code) governs gratuity applicability for both FTEs and FTCs.     A. The Code on Social Security Section 2(34), while defining  fixed term employment, provides that a fixed term employee is eligible for all benefits, under any law for the time being in force, available to a permanent employee proportionately according to the period of ser...
Post a Comment
Read more