Securities Market Code Bill introduced in LS
Govt favours sending it to parliamentary panel
Finance Minister Nirmala Sitharaman on Thursday introduced the Securities Market Code Bill in the Lok Sabha and proposed referring it to the department-related standing committee for greater discussion after Congress MP Manish Tewari and DMK’s Arun Nehru opposed it, saying that it gave excessive powers to one body which was against the principle of separation of powers.
They described the bill as a case of excessive delegation of power. Responding to their claims, the Finance Minister said since the government was referring it to the standing committee, such details could be discussed by the panel.
TDP MP Krishna Prasad Tenneti, who was chairing the proceedings, said the Lok Sabha Speaker had the powers to refer bills to parliamentary panels and he would take a call on the issue. The Bill-2025 seeks to merge the provisions of the Securities and Exchange Board of India Act, 1992, the Depositories Act, 1996, and the Securities Contracts (Regulation) Act, 1956, into a unified code.
