New Delhi, Dec. 19 -- Finance Minister Nirmala Sitharaman on Thursday introduced the Securities Markets Code (SMC) Bill in the Lok Sabha, aiming to strengthen the powers of market regulator Securities and Exchange Board of India (SEBI), decriminalise several market violations and enhance investor protection.

The proposed legislation seeks to consolidate three existing laws, the Securities Contracts (Regulation) Act, 1956, the SEBI Act, 1992, and the Depositories Act, 1996, into a single, comprehensive securities market code, as announced in the Union Budget.

Key Provisions of the Bill

One of the major proposals under the SMC Bill is the expansion of the SEBI board from the existing nine members to 15 members. The bill also seeks to eli...