Securities and Exchange Board of India attachment orders cross 700-mark; Ordinance may be tweaked

As the debate continues on extra powers given to SEBI to take on fraudsters and defaulters, the number of attachment orders passed by the capital markets watchdog has crossed 700 for recovery of over Rs 1,600 crore. SEBI got the powers to pass attachment orders and launch of recovery proceedings against fraudsters and market manipulators, among others, through an Ordinance that has been promulgated thrice and needs to be replaced by an Act after passage of the same in the Parliament. The Ordinance was first promulgated on July 18, 2013, followed by re-promulgation on September 16, 2013 and then for the third time on March 28, 2014.


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