Centre to seek passage of Securities Market Code for new regulatory framework; more reforms likely in monsoon session

Securities Market Code

The code will replace three laws—the Securities Contracts (Regulation) Act, a seven-decade-old law, the Securities and Exchange Board of India Act, a more than three-decade-old law, and the Depositories Act, another three-decade-old law. It proposes a principle-based rather than a highly prescriptive regulatory framework to reduce the compliance burden and to improve regulatory governance.