updates on companies bill

CNBC-TV18 :- The Finance Ministry and the Ministry of Corporate Affairs finally seem to have ironed out issues regarding the Companies Bill, especially with respect to clashes with market regulator Sebi's jurisdiction, reports CNBC-TV18’s Aakansha Sethi. The Finance Ministry and SEBI had asked for a review of those provisions of the Companies Bill which were in conflict with the SEBI Act and those provisions where SEBIs powers were curtailed. Yesterday, there was a meeting between the Finance Ministry, Sebi officials and the Ministry of Corporate Affairs and all these issues have now been resolved. Sebi’s jurisdiction in all such matters where there is a conflict has been upheld. For instance, where insider trading is concerned, it was one of the issues that Sebi had expressed that all powers have been delegated to Sebi and all regulations will be administered by Sebi. They have been given flexibility for timing of any notices that they may issue, whether its seven days, 24 hours, considering the dynamic nature of capital markets it will be up to Sebi to decide that. Sebi’s Civil Enforcement powers have been upheld in all the sections that they administer. Now the new Companies Bill with these revised revisions will be taken up by the Cabinet on November 3.