Cabinet approves SEBI Act amendment

The Union Cabinet on Thursday approved the SEBI Act ammendment.

Zee Media Bureau

New Delhi: The Union Cabinet on Thursday approved the Securities and Exchange Board of India (Sebi) Act amendment.

To ensure that the Sebi retains powers to act against fraudsters and other defaulters, the government has readied the new Securities Laws (Amendment) Bill, 2014.

While Sebi was established more than 25 years ago, it has got direct recovery powers to act against those refusing to pay penalties and other dues.

The cabinet meeting led by PM Narendra Modi today also cleared the proposal to raise foreign direct investment (FDI) in the insurance sector from the current 26 percent to 49 percent.

Furthermore, to check price rise, the Cabinet Committee on Economic Affairs (CCEA) approved sale of 10 million tonnes of wheat from FCI stocks in the open market.

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