The Parliamentary Standing Committee on Finance is set 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, according to Committee Chairman Bhartruhari Mahtab.
Progress on Clause Examination
Speaking to ANI after the committee meeting, Mahtab stated that the government had responded to the committee's queries on the remaining provisions of the Bill, allowing discussions to move forward. He noted that initially, around 45 clauses were left, of which 20 have already been completed. Differences of opinion with the government regarding the acceptability of the committee's suggestions were resolved after the government came up with several amendments.
Mahtab expressed confidence that the committee would be able to complete all clause-by-clause provisions of the Securities Market Code Bill by Thursday evening. The Bill contains a total of 157 clauses, of which more than 100 have already been accepted by the committee. The remaining 45 clauses required clarifications from the government, and now over 20 of those have been addressed, leaving only about 25 clauses pending.
Purpose of the Bill
The proposed Securities Market Code Bill aims to replace and consolidate key laws governing India's securities market framework. It seeks to modernise the regulatory architecture by bringing together provisions related to the securities market under a single legislation. This would replace multiple existing Acts, including the Securities and Exchange Board of India Act, the Securities Contracts (Regulation) Act, and the Depositories Act.
Timeline for Report Submission
Regarding the committee's timeline, Mahtab said the draft report is expected to be prepared on July 15. If approved by the committee, the report will be presented in the first week of the Monsoon Session of Parliament. 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.
