New Delhi [India], May 8 (ANI): The upcoming Securities Markets Code, aimed at overhauling India's securities market regulations, will be a 'very big reform' and is likely to be introduced soon, Finance Ministry officials said Friday.

'We hope that this is a very big reform of our kind, which we are going to do. We are on it, and most likely it will be very soon,' said Deepak Ranjan, Director (Financial Markets), Department of Economic Affairs, under the Union Ministry of Finance. He made the remarks addressing the PHD Chamber of Commerce and Industry's (PHDCCI) 8th Annual Convention on Capital Market and Commodity Market with a theme Democratising Wealth Creation: Inclusive Capital Market for a Prosperous India'.

Ranjan said the government plans to repeal the Securities Contracts (Regulation) Act and the Depositories Act and replace them with a new unified framework called the Securities Markets Code.

'The Securities Contracts (Regulation) Act and Depositories Act will be repealed, and a new law will be introduced called the Securities Markets Code,' he said.

He added that the government is working closely with the Securities and Exchange Board of India (SEBI) and other stakeholders on the proposed framework, with consultations currently underway.

'The government is trying to build a proper consultation process with SEBI, which is still going on. The process of building the framework will not be a one-way process; it will be a two-way process,' Ranjan said.

He further said the government intends to adopt a collaborative and flexible approach while framing the legislation, with periodic reviews built into the framework.

'We will do a consultation with the market, we will take suggestions from you, we will consider it, we will make any changes. And there will be a periodic review on it, every 5 years, every 3 years,' he said.

Ranjan noted that several reforms have also been incorporated into the proposed Securities Markets Code to make the regulatory framework more dynamic and responsive to evolving market conditions.

He added, 'So, this type of arrangement has been put in the Securities Markets Code, and many other reforms have also been incorporated into it.' (ANI)