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 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 had re-promulgated the Sebi ordinance. Among others, the ordinance provides powers for the Sebi chairman to authorise search and seizure. For re-promulgating the ordinance for the third time, the finance ministry had sought opinion of the law ministry and later it was cleared by the Cabinet.