The finance ministry has finalised the Cabinet note on enhancing the powers of Securities and Exchange Board of India.
The proposal seeking the amendment to the Securities Contracts Regulation Act is, however, not expected to be taken up by the Cabinet this week, putting paid to its chances of being passed by Parliament in the current session.The ministry feels that the government may have to issue an ordinance after the current winter session since the legislative agenda for this session has already been drawn up.
The ministry is awaiting the Cabinet decision before deciding on the replacement for the outgoing chairman of the market regulator who is due to retire in February 2002, and also for JS Verma and Kumar Mangalam Birla who have already left Sebi.
Sources said the proposals regarding the replacements have been sent back to the ministry by the finance minister saying that the decision should await the Cabinet
