
Summary: The Securities Markets Code Bill, 2025, introduced Clause 92 and Clause 93 as parallel provisions to govern fraudulent and unfair practices and market abuse, respectively. The Parliamentary Standing Committee, in its recently released report on the Bill, found that the distinction between the two clauses was unclear, and allowing the Securities and Exchange Board of India to expand the definition of criminal market abuse through delegated legislation raised serious constitutional concerns. The Committee has recommended a series of targeted amendments to Clause 93 to confine criminal liability to conduct that is grave, willful, and systemic in nature, to delete the residuary rule-making power under Clause 93(g), and to ensure that these changes are carried through into the Prevention of Money-Laundering Act, 2002, schedule. This blog examines each of these recommendations and their practical significance for market participants, intermediaries, and their advisors.
Continue Reading Securities Markets Code, 2025: Simplifying the fault line








