A New India
Chapter 186 - 186: The SEBI Act of 1954 - II

Rohan sat quietly after finishing with his hands folded as he watched the room.

Beside him, Finance Minister Harish Patel went through his notes one last time.

Across the aisle, the opposition was huddled together, whispering intensely.

The leader of the opposition, Prathamesh, had not given up yet.

The Speaker banged his gavel. "Honourable members, we are approaching the conclusion of this debate. If there are any final statements before the vote, now is the time."

Prathamesh rose slowly, adjusting his glasses.

His face was calm.

"Mr. Speaker, before we move to vote, I must reiterate the concerns that we, as the opposition, have raised throughout this debate. Yes, we need regulation in our markets. No one disputes that. But the SEBI Act in its current form is still deeply flawed. We are handing too much power to a single institution, an institution that will act as legislator, executor, and judge of its own rules."

He paused, letting his words hang in the air. "My question to the ruling party is simple: What happens when SEBI overreaches? What happens when SEBI, in its zeal to protect investors, starts to penalize honest traders and small businesses? Who will hold SEBI accountable?"

A murmur of agreement swept through the opposition benches.

His tone grew sharper. "I urge my colleagues in this house, especially those sitting on the fence, to think about the precedent we are setting today. If we pass this bill without serious amendments, we are opening the door for bureaucratic overreach. I am not against regulation, I am against unchecked power."

Taking a small pause he again continued

"I ask you all to vote with your conscience today. Let's not pass a bill that we may regret in the future. Regulation is necessary, but we must ensure it comes with the proper checks and balances. I believe this bill, as it stands, does not offer enough of them."

Prathamesh sat down, his words had struck a nerve, particularly among those who still harbored doubts about SEBI's sweeping powers.

On the ruling side, Ravi Pratap rose to respond, his voice firm and unyielding.

"Mr. Speaker, the Leader of the Opposition makes a passionate argument, but it is one grounded in fear rather than fact. Yes, SEBI will have significant powers, but those powers are not unchecked. We have built in mechanisms for judicial review, parliamentary oversight, and grievance redressal. SEBI will not operate in the shadows. It will be one of the most transparent institutions in the country."

He turned to face the opposition. "Let me ask you this: What is the alternative? Do we leave our markets unregulated? Do we allow the manipulations and fraud that have already taken root in our stock exchanges to continue unchecked? The Indian people demand protection, and the SEBI Act will provide it."

The ruling party members nodded in agreement, their expressions resolute.

Pratap continued, "If we fail to pass this bill, we are leaving our markets vulnerable to the same exploitation that has plagued other nations. We cannot afford to let this opportunity slip away. SEBI is not about control, it is about order. It is about ensuring that every Indian investor, from the smallest to the largest, is protected from fraud and manipulation."

The room was silent for a moment.

Both sides had made their final arguments, and now, it was time to vote.

The Speaker rose. "The house will now move to vote on the Securities and Exchange Board of India Act of 1954. Honourable members, please indicate your support or opposition as your name is called."

The tension in the room spiked as the roll call began.

One by one, members of Parliament rose to cast their votes.

Some did so with confidence, while others hesitated, glancing at their party leaders before making their choice.

"Nandini Joshi?"

"Aye."

"Ravi Kapoor?"

"Aye."

The ruling party members were solid, their voices firm in their support of the bill.

But when the Speaker began calling the names of the opposition members, the tone shifted.

"Prathamesh?"

"Nay."

"Rahul Sinha?"

"Nay."

The opposition, too, stood strong, but there were murmurs of uncertainty from some of the independents and those not firmly aligned with either side.

These were the votes that could decide the outcome.

The roll call continued, and the chamber grew tenser with each passing name.

Some of the younger members seemed to hesitate, glancing at their colleagues for reassurance before voting.

Rohan's eyes scanned the room, reading the expressions of those still undecided.

Finally, the last name was called, and after 10 Mintues the Speaker rose once more.

"Honourable members, the votes have been counted. The Securities and Exchange Board of India Act of 1954 has passed with a strong majority."

A wave of relief washed over the ruling party benches.

They had done it.

The SEBI Act was now law, and India's financial markets would be governed by a regulatory body designed to protect investors and ensure transparency.

As the applause died down, Rohan stood, ready to address the chamber one last time.

"Honourable members," he began, his voice steady but filled with purpose, "today, we have taken a monumental step forward. The passage of the SEBI Act is not just about regulation it is about building a financial system that works for everyone. It is about ensuring that every Indian, no matter how small their investment, is protected from those who seek to exploit them."

He paused, letting his words resonate with the members of the house.

"SEBI will be a guardian of fairness, of transparency, and of integrity. It will ensure that our stock markets are places where all Indians can invest with confidence, knowing that they are being treated fairly. But SEBI is more than just a regulatory body it is a statement. A statement that India is ready to take its place on the global stage, with a financial system that is modern, fair, and just."

Rohan's gaze swept the room, settling on Opposition for a moment before moving on.

"I understand the concerns that have been raised today," Rohan continued, his tone measured. "Regulation is always a delicate balance between protection and freedom. But I believe this bill strikes that balance. SEBI will operate with transparency and accountability, and it will serve the people of India, not the interests of a few."

He took a deep breath.

"This is not the end of our journey. It is the beginning. The passage of the SEBI Act marks the start of a new era for India's financial markets. And I assure you, we will continue to work together to ensure that SEBI remains an institution that serves all Indians, with fairness, justice, and integrity."

The chamber erupted into applause once more as Rohan sat down, his face a mix of relief and determination.

The battle had been won, but he knew that the real work was only just beginning.