The Cabinet is likely to discuss on Wednesday amendments to various regulations that will provide more powers to capital market regulator Sebi to tackle fraudulent investment schemes.
The Government plans to provide Sebi with direct powers to carry out search and seizure operations and for attachment of assets, as part of efforts to crackdown on ponzi schemes. Sources said amendments to Sebi Act and other relevant regulations are likely to be deliberated upon by the Cabinet on Wednesday.
The required changes have been finalised after detailed consultations with the Securities and Exchange Board of India (Sebi).
After getting the Cabinet nod, the government plans to introduce the Securities laws (Amendment) Bill, 2013 in Parliament to carry out the proposed changes for grant of stronger powers to Sebi, they added. Besides, the government has proposed to give Sebi powers to seek information, such as telephone call data records, from any persons or entities in respect to any securities transaction.