The Securities and Exchange Board of India (Amendment) Bill, 2013 received the assent of the President of India, Pranab Mukherjee on 13 September 2013. The Securities and Exchange Board of India (Amendment) Bill, 2013 was passed by the Rajya Sabha on 5 September 2013.
The Bill will widen the area for eligible candidates for the post of presiding officer at the Securities Appellate Tribunal. The Bill was already approved by the Lok Sabha on 27 August 2013.
Lawmaking Procedure in India
The legislative proposals are brought before either the Lok Sabha or the Rajya Sabha in the form of a bill. The bill is actually a draft of the legislative proposal. After being passed by both the Houses of the Parliament, the Bill is sent to the President of India for assent. After receiving the assent from the President of India, a bill becomes an Act of the Parliament.