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A special court may be set up soon to fast-track prosecution and investigations initiated by the Securities and Exchange Board of India (Sebi) against defaulters, after the the regulator raised the issue with the government and judiciary.
A provision for setting up a designated court to hear Sebi cases, as also to give go-ahead to the regulator for carrying out search and seizure operations, has been made in a new law aimed at giving the market watchdog more teeth.
"We have taken (it) up with the government and the High Courts. My feeling is that they are working on it. We have already taken it up... Parliament has passed the law, government has notified the law, we have already written to the government. Wait for sometime," Sebi Chairman U K Sinha said on Friday.
The Securities Laws Amendment Act, notified by the government in August, amends all legislations governing capital markets and also facilitates setting up of a special Sebi court to fast-track suspected cases of fraud.
The Act is part of the government and regulators' efforts to crack down on fraudsters in the wake of several cases of illicit money-pooling activities, including by ponzi operators, across the country.
