vi. The Negotiable Instruments Act, 1881 was amended in 2002 to introduce the concepts of “electronic cheque” and “cheque truncation” by expanding the definition of “cheque”. vii. The Securities Contracts (Regulation) Amendment Act, 2007 was passed with a view to providing a legal framework for enabling listing and trading of securitised debt instruments, including mortgage backed debt. viii.
The Government Securities Act, 2006 was enacted to consolidate and amend the laws relating to Government securities and its management by the RBI. The Act simplifies the procedure for settlement of claims of legal representatives, provides for admissibility of computerised information as evidence, contains provisions for effectively dealing with misuse of Statutory General Ledger (SGL) accounts and facilitates pledging and hypothecation of Government securities.