SEBI gets back power to act against ponzi schemes.
The Securities and Exchange Board of India (SEBI), the capital market regulator, has got back the power to act against ponzi schemes, illegal deposit schemes and assess call data records in securities-related offences, besides others.
This has happened after the Finance Ministry, Government of India managed to get the nod of the Election Commission of India and Cabinet on re-promulgation of the SEBI Ordinance and finally from the President. This Ordinance lapsed on January 17 after the Government failed in getting the Securities (laws) Amendment Bill passed in the monsoon, winter and extended winter session of the 15th Lok Sabha, which was adjourned sine die on February 21 and finally prorogued.
The Ordinance talks about compulsory registration with SEBI for pooling of money over ₹100 crore. The regulator gets power for search, seizure, attachment and recovery.