Sebi to get more power to protect investors

In yet another move to boost investor confidence, the Finance Ministry has moved a note for an ordanance to promulgate a Securities Law Ordinance, that will give the market regulator Securities and Exchange Board of India (Sebi) more teeth to protect investors.

The move will bring about amendments in the Securities Contract Act and the Sebi Act.

This comes in the wake of the Rs 1200 crore Saradha scam, where lakhs of investors were duped by the chit-fund company.

Sebi chief UK Sinha had on May 20 told NDTV that certain strengthening of the Sebi Act was required, adding that the government was "seriously" considering the same.