Three ordinances, including one which provides SEBI greater powers, are set to lapse next week as they cannot be repromulgated since the Winter session of Parliament has not been prorogued so far.
Besides the ordinance on SEBI, ordinances on Medical Council of India and another which gives Election Commission limited powers to make changes in Scheduled Caste and Scheduled Tribe constituencies where some castes have been either excluded or included between the 2001 census and May 2012, will lapse on January 16.
The ordinances will lapse since rules prescribe that they have to be converted into Acts of Parliament within 42 days of the first sitting of any Parliament session. The 42 days' (six weeks) period will end on January 15 as the Winter session had begun on December 5.
As per rules, an ordinance cannot be repromulgated till the Parliament session has been prorogued by the President. So far, the two Houses of Parliament have only been adjourned sine die (adjournment without any appointed date of resumption).
Government now plans to convene a fortnight-long session of Parliament in early February to pass the vote on account. It is likely to be an extension of the Winter session.
Government had recently promulgated a second ordinance granting greater powers to SEBI to check illicit investment schemes and other market manipulations, as a bill could not be passed during the last Parliament session to replace an earlier Ordinance in this regard.
The first ordinance was promulgated on July 18, followed by introduction of the Securities Laws (Amendment) Bill, 2013, in Parliament.
However, this bill to replace the first ordinance could not be passed during the Monsoon session, which ended on September 7, thus requiring the need for a second Ordinance.