President Issues Securities Laws (Amendment) Second Ordinance 2013 to Empower SEBI Against Illegal Schemes.

The President promulgated the Securities Laws (Amendment) Second Ordinance, 2013, on September 16, 2013, following Cabinet approval on September 12, 2013. This action was necessary to maintain amendments to the Securities and Exchange Board of India (SEBI) Act and related laws, initially established by an earlier ordinance on July 18, 2013. The Securities Laws (Amendment) Bill 2013, introduced in the Lok Sabha on August 12, 2013, was not passed during the Monsoon session. The new ordinance ensures SEBI retains powers to address illegal deposit schemes and Ponzi schemes, continuing regulatory actions and initiatives in the securities market.