Amendment in SCRA, I-T Act likely in Budget

NEW DELHI: AS PART of capital market reforms, the government is planning to amend Securities Contract Regulation Act, Income Tax Act and Stamp Duty Act in the budget session to facilitate corporatisation of stock exchanges.
Although the amendments would be in line with the Justice Kania committee report appointed by Sebi last year, official sources said there would be some modifications in the panel''s suggestions.
The finance ministry is giving final touches to amendments in SCRA to empower Sebi to implement demutualisation of bourses.
Once the amendment is carried out, all the stock exchanges run by broker members would have to submit their corporatisation scheme to Sebi, which would have the powers to either accept it or reject it.
Government would also bring in changes in the Income Tax Act to facilitate transfer of assets.