Govt lines up Market Code Bill, Insurance Bill and IBC amendments for Winter session

The Narendra Modi government on Friday (November 21) has placed three key financial sector bills on the agenda for the upcoming Winter Session of Parliament, which is set to begin on December 1, including the Securities Markets Code Bill, the Insurance Laws (Amendment) Bill, and the Insolvency and Bankruptcy Code (Amendment) Bill.

The single Securities Markets Code was first proposed in the Union Budget 2021-22, when the Union Finance Minister Nirmala Sitharaman announced the plan to consolidate the SEBI Act, 1992, Depositories Act, 1996, Securities Contracts (Regulation) Act, 1956 and Government Securities Act, 2007 into a rationalised framework.

The Securities Markets Code Bill (SMC), 2025, seeks to merge the provisions of the Securities and Exchange Board of India Act, 1992, the Depositories Act, 1996 and the Securities Contracts (Regulation) Act, 1956 into a unified code.

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The Insurance Laws (Amendment) Bill, 2025, aims to deepen insurance penetration, support sectoral growth, strengthen development, and improve ease of doing business.

The Insolvency and Bankruptcy Code (Amendment) Bill, 2025, was introduced in the Lok Sabha on August 12, 2025, and referred to a Select Committee on the same day. Its report is awaited.

The bill proposes amendments to the Insolvency and Bankruptcy Code, 2016, including provisions to introduce new concepts such as the creditor-initiated insolvency resolution process (CIIRP), and enabling frameworks for domestic group insolvency and cross-border insolvency.

It also includes provisions to omit or amend sections of the existing code in line with its objectives.

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