New unified code to overhaul securities market regulations

"We have seen show-cause notices being issued five years after the violation happened.

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Code helps Sebi test products, contracts, services.

(BLOOMBERG)

This does not hold in front of the SAT (Securities Appellate Tribunal)," said Bhansali. "The code provides a stringent timeline for investigation.The proposed code also provides statutory backing to an investor ombudsperson framework, empowering Sebi to designate one or more officers to receive and redress investor grievances. Under the proposed system, investors must first attempt resolution through existing grievance redressal mechanisms for up to 180 days.