Rajya Sabha takes up SEBI bill

The Rajya Sabha Tuesday took up the Securities Laws (Amendment) Bill, 2014, with a view to curb the menace of ponzi schemes.

The bill has been brought in the wake of thousands of people in West Bengal losing their money in the Saradha chit fund scam.

The new law empowers market watchdog Securities and Exchange Board of India (SEBI) to search the premises of suspect companies and obtain information within and outside India.

The bill was passed by the Lok Sabha Aug on 6.