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NEW DELHI, Dec. 2

THE Finance Minister, Mr Jaswant Singh, today said that the Government would soon introduce a legislation on Serious Frauds Office (SFO) to track white-collar crimes, even as Parliament today approved the legislation to give more teeth to the market regulator SEBI including search and seizure powers.

The SEBI (Amendment) Bill 2002, which replaces an Ordinance, was passed by voice-vote in the Raja Sabha.

The Lok Sabha passed the Bill last week. Winding up the discussion, Mr Singh said that the CBI alone could not deal with the complex white-collar crimes and it was for this reason that a SFO will be set up in the shortest possible time.

"I hope to bring in a legislation on SFO in this session itself failing which I will bring it in the next session," Mr Singh said.

Stating that there was a need for a highly specialised body to handle such frauds, Mr Singh said that this would meet current requirements.

"We will benefit with this process or in case it is moved to a standing committee, the members would be able to give their views and suggestions," he said.

Mr Singh also assured the members that he would promote demutualisation of stock exchanges to prevent market malpractices.

SEBI will now be empowered to call for information and records of any transaction in securities that are under investigation from any bank or board or corporation constituted by the Centre or the States.

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