NEW DELHI: Capital markets watchdog Sebi looks all set to get power for search and seizure although with prior approval of a special designated court, as the government has introduced the Securities Laws (Amendment) Bill, 2014 in Lok Sabha The bill seeks to give Securities & Exchange Board of India (Sebi) powers such as the authority to seek call data records and empower its recovery officer to initiate recovery against those who fail to comply with its direction for refund or direction of disgorgement.As per the bill, a magistrate or judge of designated court in Mumbai — as notified by the central government — would have the jurisdiction to issue an order "for the seizure of books, registers, other documents and records" requested by the market regulator. Minister of state for finance, commerce & industry Nirmala Sitharaman introduced the bill on Monday. It is scheduled for discussion in the house on Tuesday."To protect the interests of investors and to ensure orderly development of securities markets, it has become necessary to enhance the powers of the board," the government said, explaining the objects and reasons for the bill.Once it becomes an Act, then Sebi would have powers to call for information "not only from people or entities associated with securities market but also from persons who may not be directly associated", it said.The previous UPA government had promulgated an ordinance in July last year and subsequently presented the Securities Laws (Amendment) Bill 2013 in the Lok Sabha to empower Sebi to take action against collective investment schemes after the Saradha deposit scam came to light in West Bengal.However, the bill could not be taken up and the ordinance had to be re-issued twice over again. The Securities Laws (Amendment) Bill, 2014 replaces the ordinance that was issued after a standing committee on finance headed by former finance minister Yashwant Sinha asked the government to take stringent action against ponzi schemes and impose a blanket ban on investment schemes promising unreasonable returns.The ordinance empowered Sebi to regulate any money pooling scheme worth Rs 100 crore or more and gave it power to attach assets in cases of non-compliance. The bill also proposes stringent penalty on collective investment scheme and mutual funds for failure to comply with orders of the board.In view of large pendency of cases, it proposes constitution of special courts for prosecution of offences under the securities law to provide speedy trial. Sitharaman on Monday also introduced bills to amend Securities Contracts (Regulation) Act, 1956 and Depositories Act, 1996.