Securities and Exchange Board of India chairman D R Mehta today pitched hard for giving the capital market regulator powers parallel to the income-tax department including plea-bargaining, impounding documents and disgorging ill-gotten profits from companies which indulge in stock market irregularities.
Mehta was speaking at the India Economic Summit organised by CII. Later in the day, he met senior finance ministry officials including C M Vasudev, secretary, economic affairs, to finalise the amendments to the Securities Contracts Regulation Act. The amendments to arm Sebi with more powers are, however, not likely to be passed during the ongoing winter session of Parliament.
The Sebi chairman came down heavily against those who charged him with delaying the introduction of rolling settlement in the Indian markets.
