STOCK MARKET BSE NSE

Three Ordinances Set to Lapse

Published: 12th January 2014 12:00 PM  |   Last Updated: 12th January 2014 12:00 PM   |  A+A-

By PTI

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp