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A Bill to replace the recent ordinance that empowered SEBI to initiate action against illegal deposit schemes was introduced in the Lok Sabha on Monday.
The Bill was introduced by Namo Narain Meena, Minister of State for Finance.
The Securities Laws (Amendment) Ordinance 2013 — promulgated in July — brought chit funds with a corpus of over Rs 100 crore within the purview of the Securities and Exchange Board of India.
It also empowered SEBI to call for information and records from any person, including any bank, board or corporation established under the Central or State Act.
The information can be sought for any investigation or inquiry by SEBI.
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