New Delhi: Law Minister Jana Krishnamurthi said that the government was conscious of the changing economic scenario and all efforts are being made to make law compatible with liberalised economy where information technology is playing a crucial role.

"Earlier laws were for regulated economy. Now we are facing new challenges as we are moving towards liberalised economy and legal reforms are being carried out to enable industry, trade and commerce to function in the changed environment to compete with multi-nationals," he said at a seminar of depository participants and National Stock Exchange members in New Delhi.

In a liberalised scenario, the society needs to change the laws and the government was considering amendments to several laws, which are more of a regulatory nature rather than facilitating trade and commerce, he said.

The minister emphasised the need to compete globally through improvement in quality and adoption of modern management techniques.

Speaking on capital market reforms, Krishnamurthi said, "The government is busy with refurbishing the image and efficacy of SEBI in order to sustain the growth of our capital market."

"Government and corporate sector are trying to regain the past glory of our nation by creating wealth and prosperity," he said.

Emphasising the need to prevent security scams, he said greater responsibility devolves on Depository Participants Association of India (DPAI) and stock exchanges to help prevent recurrence of securities scams and various corporate frauds.

PTI