Old Stock ledgers sit on a shelf in a basement vault. (Photographer: Christinne Muschi/Bloomberg)
It was only a sentence in the Finance Minister’s Budget 2021 speech, but it may have the effect of radically altering the face of the securities law regime in India. The government’s proposal is “to consolidate the provisions of SEBI Act, 1992, Depositories Act, 1996, Securities Contracts (Regulation) Act, 1956 and Government Securities Act, 2007 into a rationalised single Securities Markets Code.” The justification for such a measur...