FM tells Sebi to bring out mkt law code soon

Mumbai: Finance minister Nirmala Sitharaman met Sebi board members on Wednesday and asked the markets regulator to implement the Budget proposals relating to capital markets on a timely basis. The FM had proposed in the Budget that several securities laws should be consolidated into a single securities code, a move that has the potential to combine several legislations into a unified one.

According to securities lawyers, the move could eliminate duplication among various existing laws, enhance clarity relating to these laws and bring down cost of compliance for the regulated entities. Sebi laws that could be consolidated into a single code are Sebi Act, 1992, Depositories Act, 1996, Securities Contracts (Regulation) Act, 1956 and Government Securities Act, 2007. Minister of state for finance Anurag Thakur and finance secretary Ajay Bhusan Pandey were also present at the meeting, a Sebi release said.