The Parliamentary Committee on Finance will soon complete clause-by-clause discussions on the Securities Market Code Bill. According to Speaker Bhartrihari Mahtab, out of 157 clauses of the bill, only 25 are left to be discussed. The committee may present its report in Parliament in the first week of the monsoon session.
New Delhi [भारत]July 9 (ANI): The Parliamentary Standing Committee on Finance is likely to complete a clause-by-clause examination of the proposed Securities Market Code Bill on Thursday. Committee chairman Bhartrihari Mahtab said that after discussions with the government, now only 25 clauses are left.
Speaking to ANI after the committee meeting, Mahtab said that the government has answered the committee’s questions on the remaining provisions of the bill, due to which the discussion can move forward.
Discussion in final stage
“Some clauses were left, there were around 45 clauses and we have completed 20 of them. There were some differences with the government regarding the acceptability of our suggestions and now the government has come up with many suggestions with amendments. So, we are moving in that direction and I am confident that today we will complete all the clause-by-clause provisions of the Securities Market Code Bill,” Mahtab said.
New code will replace many laws
The proposed Securities Market Code Bill seeks to replace and unify the key laws governing India’s securities market framework. It aims to modernize the regulatory framework by bringing provisions related to the securities market under a single law by replacing several existing Acts, including the Securities and Exchange Board of India (SEBI) Act, the Securities Contracts (Regulation) Act and the Depositories Act.
Highlighting the progress made by the committee, Mahtab said the bill had 157 clauses, of which the committee had already examined most of them. “There are 157 clauses in the Securities Market Bill. Out of these, more than 100 clauses have been accepted by the committee and 45 clauses were left on which some clarifications were sought from the government. The government has come up with those clarifications and now we have completed more than 20 of these clauses. There are 25 more left and hopefully we will complete it by this evening,” he said.
Plan to present report in monsoon session
On the committee’s timeline, Mahtab said the committee plans to finalize the draft report next week before submitting the report to Parliament. “We hope to prepare the draft on the 15th of this month and hopefully if it is approved by the committee, we will present it in the first week of the monsoon session,” he said.
The Standing Committee on Finance examines the bills sent by the Parliament and submits its recommendations before further consideration of the proposed legislation. (ANI)
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