President signs ordinance for Sebi powers

New Delhi: President Pranab Mukherjee has re-promulgated the ordinance that provides more powers to market regulator Sebi, especially, to crack down on illicit money pooling schemes.

The ordinance, which lapsed on January 15, has been re-promulgated for the third time as the Parliament could not pass the Securities Laws (Amendment) Bill 2013 in the Winter session. “Yes” said a top government official when asked if the President has re-promulgated the Sebi ordinance.

Among others, the ordinance provides powers for Securities and Exchange Board of India chairman to authorise search and seizure.

For re-promulgating for the third time, finance ministry sought opinion of law ministry and later it was cleared by Cabinet.