Unified Securities Code: A New Era for India's Financial Markets

The Securities Market Code Bill, introduced by Finance Minister Nirmala Sitharaman, aims to unify multiple securities laws to streamline India's financial market regulations. Critics argue it centralizes too much power, but the bill promises investor protection, technological adaptation, and a simplified legal framework to boost the economy.

Finance Minister Nirmala Sitharaman introduced the Securities Market Code Bill in the Lok Sabha on Thursday, proposing it be sent to a department-related standing committee for detailed examination.

Opposition members, Arun Nehru of DMK and Manish Tewari of Congress, challenged the bill, asserting it disproportionately centralizes power in one body, contrary to the principle of power separation, and termed it as excessive delegation of authority.

Sitharaman responded, highlighting the government's plan to refer it to the standing committee for a comprehensive review. The Bill aims to consolidate various acts into a unified code, streamline securities laws, and fortify investor protection, while adapting to technological advancements in the financial sector.

(With inputs from agencies.)