THE SECURITIES MARKETS CODE, 2025

This Bill aims to consolidate and amend existing laws related to securities markets in India. It establishes a unified legal framework for regulating the market, protecting investors, and defining the powers of the Securities and Exchange Board of India (SEBI).

The law affects the Securities and Exchange Board of India (SEBI), market infrastructure institutions (such as stock exchanges and depositories), intermediaries (like stock brokers and investment advisors), issuers of securities, investors (including beneficial owners), and the Central Government.

• Establishes the composition, management, and powers of the Securities and Exchange Board of India (SEBI).
• Grants SEBI powers for inspection, investigation, search and seizure, and adjudication of contraventions.
• Mandates the registration of intermediaries, investment schemes, and market infrastructure institutions.
• Regulates contracts for the purchase or sale of securities, including derivatives and spot delivery contracts.
• Requires securities to be held in dematerialised and fungible form through depositories.
• Sets rules for the listing, delisting, and disclosure requirements for public issues.
• Establishes a Securities Appellate Tribunal for appeals against orders passed by SEBI or adjudicating officers.
• Prohibits fraudulent, unfair practices, and market abuse.
• Defines penalties and punishments for non-compliance with the Code, including failure to redress investor grievances.
• Provides for the establishment of Special Courts for trying offences under the Code.
• Creates an Investor Protection and Education Fund.
• Includes provisions for a regulatory sandbox and a National Institute of Securities Markets.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document