The lower house of Parliament Tuesday okayed amendments in the Securities and Exchange Board of India (SEBI) law that seeks to broaden the scope of appointment to the head of the market regulator tribunal and give it more power.
The Bill replaces the Securities Laws (Amendment) Ordinance 2013, promulgated in July this year.
Replying to a debate on the bill, Finance Minister P. Chidambaram said the main change in the law was related to appointment of the Securities Appellate Tribunal head.
Under the proposed law, a retired and sitting High Court judges can also be appointed as head of the Tribunal.
As per old regulation, only a serving or retired Supreme Court judge or Chief Justice of a High Court could head the tribunal.