Finance panel aims to complete Securities Market Code Bill scrutiny, report likely in Monsoon Session

New Delhi [India], July 9 (ANI): The Parliamentary Standing Committee on Finance is expected to complete the clause-by-clause examination of the proposed Securities Market Code Bill on Thursday, with only around 25 clauses remaining after discussions with the government, Committee Chairman Bhartruhari Mahtab said.
Speaking to ANI after the committee meeting, Mahtab said the government had responded to the committee's queries on the remaining provisions of the Bill, allowing discussions to move forward.
"There were some leftover clauses, around 45 clauses were there and we have completed 20 of them. There were differences of opinion with the government relating to acceptability of our suggestion and now government has come up with number of suggestions with amendments. So, we are proceeding in that and I believe today we will be able to complete all clause-by-clause provisions of the Securities Market Code Bill," Mahtab said.
The proposed Securities Market Code Bill seeks to replace and consolidate key laws governing India's securities market framework. It aims to modernise the regulatory architecture by bringing together provisions relating to the securities market under a single legislation, replacing multiple existing Acts, including the Securities and Exchange Board of India Act, the Securities Contracts (Regulation) Act and the Depositories Act.
Explaining the progress made by the committee, Mahtab said the Bill contains 157 clauses, of which the committee has already examined the majority.
"Security Market Bill has 157 clauses. So, out of that more than 100 clauses have been accepted by the committee and 45 clauses were left out on which little clarifications were asked from the government. Government has come up with those clarifications and now we have completed more than 20 clauses of it. Another 25 are left and hopefully by this evening we will be completing it," he said.
On the committee's timeline, Mahtab said it plans to finalise the draft report next week before submitting it to Parliament.
"We hope to prepare the draft on 15th of this month and hopefully if it is approved by the committee we will be presenting in the first week of the monsoon session," he said.
The Standing Committee on Finance examines Bills referred to it by Parliament and submits its recommendations before the proposed legislation is taken up for further consideration. (ANI)