Finance Minister Nirmala Sitharaman, in her budget speech on February 1, proposed to consolidate the provisions of the SEBI Act 1992, Depositories Act 1996, Securities Contracts (Regulation) Act, 1956, and Government Securities Act 2007 into a unified Securities Market Code.
The finance minister also proposed the creation of gold exchanges in the country. The government had announced in Budget 2018-19 plans to establish a system of regulated gold exchanges in the country.
While the capital market watchdog SEBI will be notified as a regulator, the warehousing development and regulatory authority will be strengthened to set up a commodity market ecosystem arrangement including vaulting, assaying and logistics along with warehousing, she said.
The FM also proposed to introduce an investor charter as a right for investors in all financial products for investor protection.
Follow Moneycontrol's Union Budget 2021 live coverage here.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
