New Delhi, July 23 -- The Standing Committee on Finance has broadly backed the Securities Markets Code, 2025, but has pressed for a sharper, more accountable regulatory framework, with SEBI at the centre of market supervision, investigation and enforcement.

The report underscores that the proposed code "entrusts additional statutory responsibilities" to SEBI and gives the market regulator expanded powers to protect investors, regulate the securities market and set guiding principles for implementing the code.

The committee's most important recommendation on SEBI's role is that the regulator should retain strong operational authority, but with clearer statutory guardrails.

It noted that SEBI is the "principal regulator of the securities...