Overhaul of the securities market regulatory framework
The Securities Markets Code, 2025
Introduced by the Ministry of Finance, the Securities Markets
Code, 2025 (Code) represents a comprehensive
overhaul of securities regulatory framework as it repeals and
replaces the Securities and Exchange Board of India (SEBI) Act,
1992, the Depositories Act, 1996, and the Securities Contracts
(Regulation) Act, 1956, together with the subordinate legislation
and notifications issued under them. The Code is yet to receive the
President’s assent.
The Code restructures the regulatory architecture governing
securities markets by introducing principled rule-making,
procedural discipline in enforcement, calibrated decriminalisation,
and…