President nods UTI, Sebi, 4 other bills

The economic reforms process has got a boost following the presidential assent to the Unit Trust of India (Transfer of Undertaking and Repeal) Bill, 2002 and Securities and Exchange Board of India (Amendment) Bill, 2002.

Presidential assent was also given to the Delhi Metro Railway (Operation and Maintenance) Bill, 2002, the Constitution (Schedule Castes) Orders (Second Amendment) Bill, 2002, the Consumer Protection (Amendment) Bill, 2002 and the Merchant Shipping (Amendment) Bill, 2002.

With this, these six Bills passed during the winter session of Parliament have been notified in the gazette of India as Act numbers 58, 59, 60, 61, 62 and 63 respectively of the year 2000, an official release said.

The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, which replaces an Ordinance promulgated earlier in October 2002, seeks to provide for transfer and vest the undertaking, excluding the specified undertakings of the UTI, to the specified company to be formed and registered under the Companies Act, 1956.

It also seeks to transfer and vest the specified undertakings of the Unit Trust of India to the administrator, besides repealing the UTI Act, 1963, in order to corporatise the UTI and let it compete in the free market economy, the added.

The Securities and Exchange Board of India (Amendment) Act, 2002, which replaces and Ordinance promulgated in October, 2002, seeks to amend the Securities and Exchanges Board of India Act, 1992.

This is to be done by enlarging its Board of Directors, besides conferring powers of search and seizure with the approval of courts and enhancing the fine for a better and hassle-free regulation of the capital market.

The Act is also aimed at avoiding recurrence of scams and other malpractices in the capital market by building confidence of investors.

The Delhi Metro Railway (Operation and Maintenance) Act, 2002, which replaces an Ordinance promulgated in October 2002, seeks to provide a legal frame and mechanism for regulation of the Delhi Metro Rail Corporation.

This is to be done under the joint control of the Centre under the ministry of urban development and the National Capital Territory of Delhi Government, on the pattern of Indian Railways Act, 1989.