Parliamentary Panel Nears Completion on Securities Market Code Bill

The Parliamentary Standing Committee on Finance aims to finalize the clause-by-clause examination of the Securities Market Code Bill, with just 25 clauses remaining. The Bill, meant to modernize India's securities market laws, is expected to be reviewed in final draft form next week before submission to Parliament.

The Parliamentary Standing Committee on Finance is poised to conclude its detailed examination of the Securities Market Code Bill. With only 25 clauses left under scrutiny, Chairman Bhartruhari Mahtab detailed progress after extensive discussions with government representatives. Members had initially reviewed 157 clauses, confronting differences with government proposals, yet recent clarifications have facilitated the process.

Mahtab expressed optimism about completing the examination of the remaining clauses by Thursday. The proposed Bill aims to overhaul and unify various existing securities market laws into a single, cohesive framework, marking a significant modernization of regulatory practices in India. It seeks to replace acts including the Securities and Exchange Board of India Act, the Securities Contracts (Regulation) Act, and the Depositories Act.

The committee is on track to finalize a draft report as early as next week, planning to present it during the upcoming monsoon parliamentary session. This Bill examination is a key function of the Standing Committee, ensuring legislative diligence before proposed laws are debated further in Parliament.