Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
$message = 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 73,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'catslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 73,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'catslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
$message = 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 74,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'artileslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 74,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'artileslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-trace').style.display = (document.getElementById('cakeErr68045c27abbc7-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr68045c27abbc7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-code').style.display = (document.getElementById('cakeErr68045c27abbc7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-context').style.display = (document.getElementById('cakeErr68045c27abbc7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr68045c27abbc7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr68045c27abbc7-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 20597,
		&#039;title&#039; =&gt; &#039;Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Indian Express
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
&lt;/p&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 20739,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 20597,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Saradha Group,Chit fund,Corporate Governance,Fraud,crime&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.&lt;/p&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 20597,
	&#039;title&#039; =&gt; &#039;Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Indian Express
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 20739,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {},
		(int) 2 =&gt; object(Cake\ORM\Entity) {},
		(int) 3 =&gt; object(Cake\ORM\Entity) {},
		(int) 4 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 20597
$metaTitle = &#039;LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;
$metaKeywords = &#039;Saradha Group,Chit fund,Corporate Governance,Fraud,crime&#039;
$metaDesc = &#039;
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.&lt;/p&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee | Im4change.org</title>
    <meta name="description" content="
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-The Indian Express</div><p align="justify"><br /><em>New Delhi: </em>Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.</p><p align="justify">Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.</p><p align="justify">The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.</p><p align="justify">The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.</p><p align="justify">Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.</p><p align="justify">The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.</p><p align="justify">The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.</p><p align="justify">The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.</p><p align="justify">A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.</p><p align="justify">Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.</p>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$maxBufferLength = (int) 8192
$file = '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php'
$line = (int) 853
$message = 'Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853'
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 48
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Code Context
            $response->getStatusCode(),

            ($reasonPhrase ? ' ' . $reasonPhrase : '')

        ));
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-trace').style.display = (document.getElementById('cakeErr68045c27abbc7-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr68045c27abbc7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-code').style.display = (document.getElementById('cakeErr68045c27abbc7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-context').style.display = (document.getElementById('cakeErr68045c27abbc7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr68045c27abbc7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr68045c27abbc7-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 20597,
		&#039;title&#039; =&gt; &#039;Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Indian Express
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
&lt;/p&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 20739,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 20597,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Saradha Group,Chit fund,Corporate Governance,Fraud,crime&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.&lt;/p&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 20597,
	&#039;title&#039; =&gt; &#039;Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Indian Express
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 20739,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {},
		(int) 2 =&gt; object(Cake\ORM\Entity) {},
		(int) 3 =&gt; object(Cake\ORM\Entity) {},
		(int) 4 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 20597
$metaTitle = &#039;LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;
$metaKeywords = &#039;Saradha Group,Chit fund,Corporate Governance,Fraud,crime&#039;
$metaDesc = &#039;
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.&lt;/p&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee | Im4change.org</title>
    <meta name="description" content="
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-The Indian Express</div><p align="justify"><br /><em>New Delhi: </em>Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.</p><p align="justify">Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.</p><p align="justify">The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.</p><p align="justify">The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.</p><p align="justify">Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.</p><p align="justify">The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.</p><p align="justify">The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.</p><p align="justify">The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.</p><p align="justify">A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.</p><p align="justify">Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.</p>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$reasonPhrase = 'OK'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitStatusLine() - CORE/src/Http/ResponseEmitter.php, line 148
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 54
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Code Context
                    $value

                ), $first);

                $first = false;
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-trace').style.display = (document.getElementById('cakeErr68045c27abbc7-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr68045c27abbc7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-code').style.display = (document.getElementById('cakeErr68045c27abbc7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr68045c27abbc7-context').style.display = (document.getElementById('cakeErr68045c27abbc7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr68045c27abbc7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr68045c27abbc7-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 20597,
		&#039;title&#039; =&gt; &#039;Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Indian Express
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
&lt;/p&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 20739,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 20597,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Saradha Group,Chit fund,Corporate Governance,Fraud,crime&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.&lt;/p&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 20597,
	&#039;title&#039; =&gt; &#039;Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Indian Express
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 20739,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {},
		(int) 2 =&gt; object(Cake\ORM\Entity) {},
		(int) 3 =&gt; object(Cake\ORM\Entity) {},
		(int) 4 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 20597
$metaTitle = &#039;LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee&#039;
$metaKeywords = &#039;Saradha Group,Chit fund,Corporate Governance,Fraud,crime&#039;
$metaDesc = &#039;
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;New Delhi: &lt;/em&gt;Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator&#039;s power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.&lt;/p&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee | Im4change.org</title>
    <meta name="description" content="
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-The Indian Express</div><p align="justify"><br /><em>New Delhi: </em>Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.</p><p align="justify">Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.</p><p align="justify">The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.</p><p align="justify">The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.</p><p align="justify">Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.</p><p align="justify">The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.</p><p align="justify">The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.</p><p align="justify">The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.</p><p align="justify">A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.</p><p align="justify">Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.</p>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$cookies = []
$values = [
	(int) 0 => 'text/html; charset=UTF-8'
]
$name = 'Content-Type'
$first = true
$value = 'text/html; charset=UTF-8'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitHeaders() - CORE/src/Http/ResponseEmitter.php, line 181
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 55
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

<head>

    <link rel="canonical" href="<?php echo Configure::read('SITE_URL'); ?><?php echo $urlPrefix;?><?php echo $article_current->category->slug; ?>/<?php echo $article_current->seo_url; ?>.html"/>

    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>

$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp'
$dataForView = [
	'article_current' => object(App\Model\Entity\Article) {

		'id' => (int) 20597,
		'title' => 'Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee',
		'subheading' => '',
		'description' => '<div align="justify">
-The Indian Express
</div>
<p align="justify">
<br />
<em>New Delhi: </em>Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
</p>
<p align="justify">
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
</p>
<p align="justify">
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
</p>
<p align="justify">
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
</p>
<p align="justify">
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
</p>
<p align="justify">
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
</p>
<p align="justify">
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
</p>
<p align="justify">
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
</p>
<p align="justify">
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
</p>
<p align="justify">
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
</p>',
		'credit_writer' => 'The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/',
		'article_img' => '',
		'article_img_thumb' => '',
		'status' => (int) 1,
		'show_on_home' => (int) 1,
		'lang' => 'EN',
		'category_id' => (int) 16,
		'tag_keyword' => '',
		'seo_url' => 'saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739',
		'meta_title' => null,
		'meta_keywords' => null,
		'meta_description' => null,
		'noindex' => (int) 0,
		'publish_date' => object(Cake\I18n\FrozenDate) {},
		'most_visit_section_id' => null,
		'article_big_img' => null,
		'liveid' => (int) 20739,
		'created' => object(Cake\I18n\FrozenTime) {},
		'modified' => object(Cake\I18n\FrozenTime) {},
		'edate' => '',
		'tags' => [
			[maximum depth reached]
		],
		'category' => object(App\Model\Entity\Category) {},
		'[new]' => false,
		'[accessible]' => [
			[maximum depth reached]
		],
		'[dirty]' => [[maximum depth reached]],
		'[original]' => [[maximum depth reached]],
		'[virtual]' => [[maximum depth reached]],
		'[hasErrors]' => false,
		'[errors]' => [[maximum depth reached]],
		'[invalid]' => [[maximum depth reached]],
		'[repository]' => 'Articles'
	
	},
	'articleid' => (int) 20597,
	'metaTitle' => 'LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee',
	'metaKeywords' => 'Saradha Group,Chit fund,Corporate Governance,Fraud,crime',
	'metaDesc' => '
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...',
	'disp' => '<div align="justify">-The Indian Express</div><p align="justify"><br /><em>New Delhi: </em>Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.</p><p align="justify">Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.</p><p align="justify">The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.</p><p align="justify">The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.</p><p align="justify">Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.</p><p align="justify">The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.</p><p align="justify">The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.</p><p align="justify">The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.</p><p align="justify">A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.</p><p align="justify">Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.</p>',
	'lang' => 'English',
	'SITE_URL' => 'https://im4change.in/',
	'site_title' => 'im4change',
	'adminprix' => 'admin'
]
$article_current = object(App\Model\Entity\Article) {

	'id' => (int) 20597,
	'title' => 'Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee',
	'subheading' => '',
	'description' => '<div align="justify">
-The Indian Express
</div>
<p align="justify">
<br />
<em>New Delhi: </em>Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.
</p>
<p align="justify">
Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.
</p>
<p align="justify">
The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.
</p>
<p align="justify">
The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.
</p>
<p align="justify">
Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.
</p>
<p align="justify">
The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.
</p>
<p align="justify">
The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.
</p>
<p align="justify">
The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.
</p>
<p align="justify">
A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.
</p>
<p align="justify">
Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.
</p>',
	'credit_writer' => 'The Indian Express, 27 April, 2013, http://www.indianexpress.com/news/saradhahit-govt-plans-ordinance-teeth-for-sebi/1108336/',
	'article_img' => '',
	'article_img_thumb' => '',
	'status' => (int) 1,
	'show_on_home' => (int) 1,
	'lang' => 'EN',
	'category_id' => (int) 16,
	'tag_keyword' => '',
	'seo_url' => 'saradha-hit-govt-plans-ordinance-teeth-for-sebi-subhomoy-bhattacharjee-20739',
	'meta_title' => null,
	'meta_keywords' => null,
	'meta_description' => null,
	'noindex' => (int) 0,
	'publish_date' => object(Cake\I18n\FrozenDate) {},
	'most_visit_section_id' => null,
	'article_big_img' => null,
	'liveid' => (int) 20739,
	'created' => object(Cake\I18n\FrozenTime) {},
	'modified' => object(Cake\I18n\FrozenTime) {},
	'edate' => '',
	'tags' => [
		(int) 0 => object(Cake\ORM\Entity) {},
		(int) 1 => object(Cake\ORM\Entity) {},
		(int) 2 => object(Cake\ORM\Entity) {},
		(int) 3 => object(Cake\ORM\Entity) {},
		(int) 4 => object(Cake\ORM\Entity) {}
	],
	'category' => object(App\Model\Entity\Category) {},
	'[new]' => false,
	'[accessible]' => [
		'*' => true,
		'id' => false
	],
	'[dirty]' => [],
	'[original]' => [],
	'[virtual]' => [],
	'[hasErrors]' => false,
	'[errors]' => [],
	'[invalid]' => [],
	'[repository]' => 'Articles'

}
$articleid = (int) 20597
$metaTitle = 'LATEST NEWS UPDATES | Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee'
$metaKeywords = 'Saradha Group,Chit fund,Corporate Governance,Fraud,crime'
$metaDesc = '
-The Indian Express



New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the...'
$disp = '<div align="justify">-The Indian Express</div><p align="justify"><br /><em>New Delhi: </em>Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward.</p><p align="justify">Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it.</p><p align="justify">The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme.</p><p align="justify">The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to.</p><p align="justify">Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter.</p><p align="justify">The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job.</p><p align="justify">The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator.</p><p align="justify">The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification.</p><p align="justify">A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow.</p><p align="justify">Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.</p>'
$lang = 'English'
$SITE_URL = 'https://im4change.in/'
$site_title = 'im4change'
$adminprix = 'admin'

include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51

Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee

-The Indian Express New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward. Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough of a public emergency to justify the passage of an ordinance, if Parliament is unable to legislate on it. The new law will give the Securities and Exchange Board of India the power to regulate all chit funds, nidhis, non-banking financial companies and cooperatives - whether listed or not - if they raise money from the public in any manner. All these entities will be brought under the definition of collective investment schemes. The current SEBI Act, 1992, specifically keeps them out of Section 11AA, which defines a collective investment scheme. The proposed changes are broadly in line with a proposal the regulator sent to the finance ministry last June when Pranab Mukherjee was finance minister. SEBI suggested that a single regulator should be set up to police money circulation schemes launched by companies, irrespective of the sector they belong to. Two sets of proposals, short term and long term, were debated by the Financial Stability and Development Council, the highest policy coordination body of financial regulators, but were not acted upon. This was despite the fact that SEBI had been having run-ins with Ponzi schemes including Saradha for over a year by then. The Sahara case came up in the Supreme Court soon thereafter. The government has now accepted that the only way to keep a real-time check on the activities of companies like Saradha - and a host of others also under investigation - is to have a single regulator. However, instead of creating a new regulator, SEBI will be given additional powers to do the job. The Sahara Group has repeatedly asserted in courts that SEBI has no jurisdiction over it because its companies under investigation are not listed. The Supreme Court has now ruled in favour of the regulator. The proposed amendments will also expand Section 11B of the SEBI Act to give its board the power to issue directions on these issues without needing to first refer them to the Centre for ratification. A government official said the amendments had been discussed in a meeting on Friday, and another meeting was scheduled on Saturday. An official statement from the ministry could follow. Several agencies including the Department of Financial Services, Ministry of Corporate Affairs and Reserve Bank of India, have joined hands to monitor chit funds. But there is no central law backing them. The only instrument the government has is the Prize Chits and Money Circulation (Banning) Act, administrative powers under which lie with state governments.