Securities Laws (Amendment) Ordinance Re-promulgated

Last year, the Securities Laws (Amendment) Ordinance was
promulgated (twice in sequence) to grant SEBI additional powers of enforcement
on various matters and to expand its regime to regulate Ponzi schemes. After the
second Ordinance lapsed, there was concern that the situation would result in
disruption of SEBI’s enforcement process. After some dithering, the Securities
Laws (Amendment) Ordinance, 2014 has been notified with effect from March 28,
2014, whereby the additional powers of SEBI will continue to be effective. A
copy of this Ordinance is available here.

It
appears that the current version has some changes from its predecessors
including some significant ones as
analysed
by Mobis Phillipose.

About the author

Umakanth Varottil

Umakanth Varottil is an Associate Professor at the Faculty of Law, National University of Singapore. He specializes in corporate law and governance, mergers and acquisitions and cross-border investments. Prior to his foray into academia, Umakanth was a partner at a pre-eminent law firm in India.

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