{"id":370552,"date":"2025-12-22T16:00:05","date_gmt":"2025-12-22T10:30:05","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=370552"},"modified":"2025-12-22T15:57:59","modified_gmt":"2025-12-22T10:27:59","slug":"lok-sabha-bill-securities-markets-code-2025-explained","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/22\/lok-sabha-bill-securities-markets-code-2025-explained\/","title":{"rendered":"Securities Markets Code, 2025 introduced in Lok Sabha: Key Highlights and Implications"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 15-12-2025, the <span style=\"font-weight: bold;\">Securities Markets Code, 2025<\/span> was introduced in <span style=\"font-weight: bold;\">Lok Sabha<\/span> to introduce a framework that consolidates and modernises existing securities laws to strengthen investor protection, streamline regulation, and align with evolving technology and market practices.<\/p>\n<h3>Key Highlights:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>The <span style=\"font-weight: bold;\">Securities Markets Code Bill<\/span> aim to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Consolidation and Rationalization:<\/span> Merge fragmented laws into a single, streamlined framework.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Investor Protection:<\/span> Strengthen mechanisms for safeguarding investor interests.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Ease of Doing Business:<\/span> Reduce compliance burden and decriminalize minor procedural lapses.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Technological Adaptation:<\/span> Incorporate provisions for digital securities, dematerialization, and regulatory sandboxes.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 2<\/span> provides details of definitions and interpretations according to this Code, such as:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Bench:<\/span> A Bench of the Tribunal.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Beneficial Owner:<\/span> A person recorded with a depository as the owner of securities or regulated instruments.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Board:<\/span> Refers to the <span style=\"font-weight: bold;\">Securities and Exchange Board of India<\/span> (&#8216;SEBI&#8217;) as per Section 3 of this Code.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Government Security:<\/span> As defined under the <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002835341\" target=\"_blank\">Government Securities Act, 2006<\/a><\/span>.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Securities:<\/span> Includes shares, bonds, debentures, derivatives, receipts, instruments, gold receipts, rupee bonds, and other notified instruments, but excludes unit-linked insurance policies.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Securities Markets:<\/span> Markets related to securities transactions and instruments.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Stock Exchange:<\/span> Any &#8216;<span style=\"font-style: italic;\">Person<\/span>&#8217; engaged in regulating the business of buying, selling or dealing in securities<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Securities and Exchange Board of India:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Section 3 of this Code states that SEBI originally set up under the <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002768476\" target=\"_blank\">SEBI Act, 1992<\/a><\/span>, will now be deemed incorporated under the Securities Market Code.<\/p>\n<\/li>\n<li>\n<p>SEBI will continue to have its head office in <span style=\"font-weight: bold;\">Mumbai<\/span> and other offices across the country.<\/p>\n<\/li>\n<li>\n<p>The Board will consist of:<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; A <span style=\"font-weight: bold;\">Chairperson<\/span> appointed by the Central Government,<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; 2 ex officio Members from the <span style=\"font-weight: bold;\">Ministry of Finance<\/span> and administration of the Companies Act,<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; 1 ex officio Member from the <span style=\"font-weight: bold;\">Reserve Bank of India<\/span>, and<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; 11 other Members as specified in subsequent provisions.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The <span style=\"font-weight: bold;\">Board<\/span> is entrusted with the following<span style=\"font-weight: bold;\"> functions:<\/span><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Investor Protection &amp; Market Development:<\/span> Safeguard investor interests and regulate overall functioning of securities markets.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Registration &amp; Regulation:<\/span> Register and oversee intermediaries, market infrastructure institutions, and self-regulatory organisations.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Securities Oversight:<\/span> Supervise issuance, listing, delisting, transfer, acquisitions, and takeovers.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Public Issues &amp; Fundraising:<\/span> Regulate or prohibit prospectuses, advertisements, and solicitation of funds or schemes.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Fair Practices &amp; Governance:<\/span> Prevent fraud, curb market abuse, and ensure transparency, disclosure, and good governance.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Investor Education &amp; Grievances:<\/span> Promote awareness and ensure effective grievance redressal mechanisms.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Capacity Building:<\/span> Provide training for intermediaries, market participants, and SEBI officers.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Information Gathering:<\/span> Call for information from market participants, banks, and authorities in India or abroad.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Inspections &amp; Research:<\/span> Conduct inspections, investigations, adjudications, levy fees, and undertake regulatory impact assessments.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Database &amp; Civil Court Powers:<\/span> Maintain public database of regulations\/orders, review performance, and exercise civil court powers.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Chapter IV deals with Registration of Intermediaries, Investors, and Investment Schemes<\/span>:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Section 28- Registration Requirement:<\/span> All intermediaries, SROs, sponsors, or pooled investment vehicles will register with SEBI; applications follow set criteria, fees, and conditions.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 31- Delegation of Powers:<\/span> SEBI can delegate registration powers to market infrastructure institutions or SROs, ensuring fairness, confidentiality, and reasoned decisions.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 32- Investment Schemes:<\/span> Defines <span style=\"font-weight: bold;\">pooled schemes<\/span> where profits are shared without daily control, excluding co-ops, NBFC deposits, insurance, provident funds, chit funds, and notified schemes.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 33- Pooled Investment Vehicles:<\/span> Funds like mutual, AIFs, REITs, or InvITs can raise investor money, borrow, issue debt, provide security, and repay lenders via trust assets.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 34- Intermediaries:<\/span> Intermediaries facilitate securities transactions; brokers will charge fair brokerage, deliver securities, and pay investors within prescribed timelines.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 35- Market Service Providers:<\/span> They will ensure fair disclosure, furnish information to SEBI, and invest collected funds as per regulations within specified periods.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 36- Self Regulatory Organisations:<\/span> SEBI approves governing norms for SROs, covering contracts, member relations, internal constitution, and management of affairs.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Netting and Settlement Framework:<\/p>\n<p><span style=\"font-weight: bold;\">Chapter IX<\/span> ensures settlements in securities are final and irrevocable, unaffected by insolvency, with clearing corporations&#8217; claims on collaterals taking precedence and delivery arrangements mandated.<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Investor Charter and Protection Measures:<\/p>\n<p>Under <span style=\"font-weight: bold;\">Section 71<\/span>, the Board can frame an <span style=\"font-weight: bold;\">Investor Charter<\/span> outlining principles to protect investors and enhance their participation in securities markets.<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Market Integrity:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Section 92<\/span>&#8211;<span style=\"font-weight: bold;\"> Prohibition of Fraudulent or Unfair Practices<\/span>: It explicitly prohibits manipulative or deceptive devices, fraudulent schemes, and unfair practices in connection with the issue, purchase, or sale of securities.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 93<\/span>&#8211;<span style=\"font-weight: bold;\"> Prohibition of Market Abuse<\/span>: Covers insider trading, misuse of non-public information, price manipulation, and dissemination of false or misleading information.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 96<\/span>&#8211;<span style=\"font-weight: bold;\"> Punishment for Market Abuse<\/span>: States that anyone who commits, attempts, or abets market abuse shall be punishable with <span style=\"font-weight: bold;\">imprisonment up to 10 years<\/span> or <span style=\"font-weight: bold;\">fine not less than &#8377;10 lakh and up to &#8377;25 crore<\/span>, or both.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 94<\/span>&#8211;<span style=\"font-weight: bold;\"> Punishment for Failure to Comply with Orders<\/span>: Provides similar penalties for non-compliance with interim or final orders under Chapter III.<\/p>\n<\/li>\n<li>\n<p>Sections <span style=\"font-weight: bold;\">97 to 109<\/span>&#8211;<span style=\"font-weight: bold;\"> Decriminalization of Minor Offences<\/span>: These deal with civil penalties for procedural lapses and technical defaults, replacing criminal prosecution with monetary penalties.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Special Courts:<\/p>\n<p><span style=\"font-weight: bold;\">Sections 113 to 117<\/span> ensure speedy trials through <span style=\"font-weight: bold;\">Special Courts<\/span> with High Court approval, direct cognizance, SEBI filed complaints, qualified prosecutors, and compounding of offences under strict conditions.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Governance &amp; Innovation Measures:<\/span><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Investor Protection Fund &amp; Accounts:<\/span> SEBI to maintain audited accounts, including Investor Protection and Education Fund, with reports submitted to Parliament.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Regulatory Sandbox:<\/span> <span style=\"font-weight: bold;\">Section 128<\/span> states the framework for testing new products, contracts, or services in securities markets with investor safeguards and regulator consultation.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Capacity Building:<\/span> <span style=\"font-weight: bold;\">National Institute of Securities Markets<\/span> will be recognized under <span style=\"font-weight: bold;\">Section 129<\/span> of the Code, regulated by SEBI for training and development of intermediaries.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p style=\"margin-bottom: 3%;\">The Securities Markets Code simplifies compliance and introduces civil penalties for minor contraventions. By strengthening investor protection, streamlining governance, and fostering innovation through regulatory sandboxes and capacity-building initiatives, it positions India&#8217;s securities markets for enhanced resilience, transparency, and global competitiveness.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Securities Markets Code, 2025 was tabled in Lok Sabha that proposes to unify laws relating to securities market, strengthen investor protection, streamline regulation, and foster innovation with digital tools and regulatory sandboxes.<\/p>\n","protected":false},"author":67525,"featured_media":370556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[95415,48119,83440,38153,35318,29663,95414],"class_list":["post-370552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes","tag-consolidated-laws","tag-lok-sabha-bill","tag-market-regulation","tag-regulatory-sandbox","tag-securities-exchange-board-of-india","tag-securities-market","tag-securities-markets-code-bill"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Securities Markets Code Bill Explained | SCC Times<\/title>\n<meta name=\"description\" content=\"Learn about the Securities Markets Code Bill 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