- Finance Minister Nirmala Sitharaman introduced the Securities Market Code Bill in Lok Sabha
- Opposition leaders Arun Nehru and Manish Tewari opposed the bill citing excessive power delegation
- The bill was proposed to be referred to the department-related standing committee for review
Finance Minister Nirmala Sitharaman on Thursday introduced the Securities Market Code Bill in the Lok Sabha and proposed referring it to the department-related standing committee for greater discussion.
Arun Nehru (DMK) and Manish Tewari (Congress) opposed the bill at the introduction stage, saying that it gave excessive powers to one body which was against the principle of separation of powers. They described the bill as a case of excessive delegation of power.
Responding to their claims, the finance minister said since the government is referring it to the standing committee, such details can be discussed by the panel.
Krishna Prasad Tenneti, chairing the proceedings, said the Lok Sabha Speaker has the powers to refer bills to parliamentary panels and he will take a call on the issue.
The Securities Markets Code Bill 2025 seeks to merge the provisions of the Securities and Exchange Board of India Act, 1992, the Depositories Act, 1996 and the Securities Contracts (Regulation) Act, 1956 into a unified code.
It also looks to strengthen investor protection and help boost ease of doing business in the country's financial markets.
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