With re-promulgation of the much- awaited Sebi ordinance, the market regulator can now enhance its own penalty against defaulters within three months while it can avail services of police and central government officers for search and seizure operations, reports PTI.
These powers are in addition to those granted to Sebi through earlier two ordinances, the last of which lapsed in January.
The new ordinance has come into effect from March 28 and has restored many other powers to more effectively crackdown on ponzi schemes and other manipulative activities.
The ordinance vests with the Securities and Exchange Board of India (Sebi) various powers, including carrying out search and seizure operations, and calling for information from bank, corporation, board or any other authority.
Source : freepressjournal.in
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