Finance Bill 2018: Amendment to Securities Laws

[Sumit Agrawal is a regulatory lawyer and ex-SEBI official. Views are his own. Twitter: @sumit12agrawal] During his Budget Speech 2018, the Finance Minister spoke about amending the Securities and Exchange Board of India Act 1992 (“SEBI Act”), the Securities Contracts (Regulation) Act 1956 (“SCRA”), and the Depositories Act 1996, to streamline adjudication procedures and to provide for penalties for certain infractions. The detailed proposals are in the Finance Bill, 2018. While the amendments proposed through the Budget Speech appear procedural and routine, the devil is in the detail: SEBI can impose penalty under SEBI Act and SCRA Amendments to the SEBI Act and the SCRA are proposed so as to allow SEBI to impose penalties on any person who has contravened any provisions under these legislations. At present, only the Adjudicating Officer (AO) has authority to imposed monetary penalty. Hitherto, a Whole Time Member (WTM) of SEBI could pass penal orders…

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