Clause 15

Section 208 of the Companies Act is hereby amended by inserting immediately after subsection (4) thereof the following new subsections: —“(5) The Minister may by notification in the Gazette delegate his powers under this section either generally or in any particular case to a committee of a stock exchange that has been approved by him under any written law relating to the securities industry or to any body, panel or committee that has been established to advise him on matters connected with the securities industry.(6) A committee of a stock exchange or any body, panel or committee referred to in subsection (5) of this section in the discharge of its powers under that subsection shall keep the Minister informed of any information obtained under this section.(7) Notwithstanding any delegation of his powers under this section the Minister may exercise any of the powers conferred upon him under this section.”.