The Securities Law (Amendment) Ordinance 2013: An Analysis

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President Pranab Mukherjee promulgated the Securities Law Amendment Ordinance 2013 on July 18, granting the Securities and Exchange Board of India (SEBI) the powers to regulate any pooling of funds under an investment contract involving a corpus of Rs 100 crore or more and attach assets in case of non-compliance.

This comes in the wake of recent exposure of thousands of fake ponzi schemes running across the country.

The ordinance was put into effect in accordance with the powers granted to the President under Clause 1 of Article 123 of the Constitution.

An Ordinance promulgated under this Article hasthe same force and effect as an Act of Parliament.

Itis generally laid before both the Houses of Parliament and ceases to operate at the expiration of six weeks from the reassembly of Parliament, or, if before the expiration of that period resolutions disapproving it are passed by both Houses.

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