Amendments give more teeth to securities regulator

By Sawant Singh and Shantanu Mitra, Phoenix Legal
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The policy paralysis plaguing India’s regulatory system seems to have abated with the notification of the Securities Laws (Amendment) Act, 2014, on 22 August. The act had already enjoyed two terms in force as ordinances promulgated by the president of India.

Though the act differs slightly from the earlier two ordinances in substance, in spirit its focus remains to give the Securities and Exchange Board of India (SEBI) further strength to combat the menace of fraudulent activities which were harming the interests of investors as well as threatening the security, stability and integrity of the securities markets in India.

New and wider powers

The act amends the SEBI Act, the Depositories Act and the Securities Contracts (Regulation) Act (SCRA) to provide new and wide-ranging powers to SEBI as well as expanding the ambit of some of SEBI’s existing powers. Under the provisions of the act, the power to call for information from entities has been expanded. The power to requisition and share information with other regulators and enforcement agencies to combat securities law violations has been introduced with retrospective effect from 6 March 1998. SEBI has also been granted the authority to attach the assets of securities laws violators in a host of circumstances, along with the power of arrest and detention and the right to appoint a receiver to manage the attached assets.

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Sawant Singh is a partner and Shantanu Mitra is a counsel at the Mumbai office of Phoenix Legal.

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