New Delhi [India], June 11 (ANI): The Parliamentary Standing Committee on Finance examining the Securities Market Code Bill, 2025, has received 665 unique suggestions and held consultations with 68 stakeholders, including market institutions, investors and industry bodies, sources said on Thursday.
The Parliamentary Standing Committee on Finance met twice on Thursday to discuss the Securities Markets Code Bill, 2025, which proposes to merge the Securities Contracts (Regulation) Act, 1956, the SEBI Act, 1992, and the Depositories Act, 1996 into a single statute.
According to sources, the panel has so far held 11 sittings on the legislation and identified about 20 substantive provisions that require detailed scrutiny.
Of the 1055 suggestions received, the committee has classified 665 as unique suggestions for deliberation. Sources said the panel has forwarded all representations to the government.
The committee has also held discussions with 68 stakeholders during its review process. Those consulted include stock exchanges, depositories, chartered accountants' bodies, investor associations and legal experts, sources said.
The Bill seeks to consolidate and replace existing securities market laws with a single, modern framework aimed at ease of doing business and stronger investor protection.
Sources said the committee is focused on simplifying the Bill and making its provisions more investor-friendly. They said stakeholders raised 142 drafting concerns, on which the legislative department has commented on 17 issues.
The first meeting of the Parliamentary Standing Committee on Finance began at 11 am. The panel recorded oral evidence from representatives of the Ministry of Law and Justice, including the Department of Legal Affairs and the Legislative Department, on the proposed Bill.
The committee reconvened for a post-lunch session at 2 pm for a clause-by-clause examination of the legislation. Representatives of the Ministry of Finance, specifically the Department of Economic Affairs, deposed before the panel during this meeting.
The Securities Markets Code seeks to establish a principle-based legislative framework aimed at reducing compliance burdens, strengthening regulatory governance, and supporting the growth of technology-driven securities markets, thereby promoting ease of doing business.
The Bill proposes to strengthen SEBI's regulatory capacity by expanding the Board from nine to up to fifteen members, while mandating a transparent and consultative approach for issuing subordinate legislation.
To enhance credibility and integrity in decision-making, the Code introduces strict conflict-of-interest norms, requiring Board members to disclose any direct or indirect interests and to recuse themselves where conflicts arise. (ANI)
