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Bar News Acts League

The Securities and Exchange Board of India Act, 1992

Act ID: 1992

The Securities and Exchange Board of India Act, 1992

"An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market."

Table of Contents

90 Sections

Ch. 1

PRELIMINARY

S.1Short title, extent and commencement.S.2Definitions.

Ch. 2

ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA

S.3Establishment and incorporation of Board.S.4Management of the Board.S.5Term of office and conditions of service of Chairman and members of the Board.S.6Removal of member from office.S.7Meetings.S.7AMember not to participate in meetings in certain cases.S.8Vacancies, etc., not to invalidate proceedings of Board.S.9Officers and employees of the Board.

Ch. 3

TRANSFER OF ASSETS, LIABILITIES, ETC., OF THE EXISTING SECURITIES AND EXCHANGE BOARD TO THE BOARD

S.10Transfer of assets, liabilities, etc., of existing Securities and Exchange Board to the Board.

Ch. 4

POWERS AND FUNCTIONS OF THE BOARD

S.11Functions of Board.S.11ABoard to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities.S.11AACollective investment scheme.S.11BPower to issue directions and levy penalty.S.11CInvestigation.S.11DCease and desist proceedings.

Ch. 5

REGISTRATION CERTIFICATE

S.12Registration of stock-brokers, sub-brokers, share transfer agents, etc.

Ch. 6

PROHIBITION OF MANIPULATIVE AND DECEPTIVE DEVICES, INSIDER TRADING AND SUBSTANTIAL ACQUISITION OF SECURITIES OR CONTROL

S.12AProhibition of manipulative and deceptive devices, insider trading and substantial acquisition of securities or control.

Ch. 7

FINANCE, ACCOUNTS AND AUDIT

S.13Grants by the Central Government.S.15Accounts and audit.

Ch. 8

PENALTIES AND ADJUDICATION

S.14-I. Power to adjudicate.S.15APenalty for failure to furnish information, return, etc.S.15BPenalty for failure by any person to enter into agreement with clients.S.15CPenalty for failure to redress investors? grievances.S.15DPenalty for certain defaults in case of mutual funds.S.15EPenalty for failure to observe rules and regulations by an asset management company.S.15EAPenalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts.S.15EBPenalty for default in case of investment adviser and research analyst.S.15FPenalty for default in case of stock brokers.S.15GPenalty for insider trading.S.15HPenalty for non-disclosure of acquisition of shares and takeovers.S.15HAPenalty for fraudulent and unfair trade practices.S.15HAAPenalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board.S.15HBPenalty for contravention where no separate penalty has been provided.S.15JFactors to be taken into account while adjudging quantum of penalty.S.15JACrediting sums realised by way of penalties to Consolidated Fund of India.S.15JBSettlement of administrative and civil proceedings.

Ch. 9

ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF APPELLATE TRIBUNAL

S.15KEstablishment of Securities Appellate Tribunals.S.15LComposition of Securities Appellate Tribunal.S.15MQualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal.S.15MAAmendment of Presiding Officer and Judicial Member.S.15MBSearch-cum-Selection Committee for appointment of Technical Members.S.15MCVacancy not to invalidate selection proceeding.S.15NTenure of office of Presiding Officer and other Members of Securities Appellate Tribunal.S.15OSalary and allowances and other terms and conditions of service of Presiding Officers.S.15PFilling up of vacancies.S.15PAMember to act as Presiding Officer in certain circumstances S.15QResignation and removal.S.15QAQualifications, terms and conditions of service of Presiding Officer and Member.S.15ROrders constituting Appellate Tribunal to be final and not to invalidate its proceedings.S.15SStaff of the Securities Appellate Tribunal.S.15TAppeal to the Securities Appellate Tribunal.S.15UProcedure and powers of the Securities Appellate Tribunal.S.15VRight to legal representation.S.15WLimitation.S.15XPresiding Officer, Members and staff of Securities Appellate Tribunals to be public servants.S.15YCivil Court not to have jurisdiction.S.15ZAppeal to Supreme Court.

Ch. 10

MISCELLANEOUS

S.16Power of Central Government to issue directions S.17Power of Central Government to supersede the Board.S.18Returns and reports.S.19Delegation.S.20Appeals.S.20ABar of jurisdiction.S.21Savings.S.22Members, officers and employees of the Board to be public servants.S.23Protection of action taken in good faith.S.24Offences.S.24AComposition of certain offences.S.24BPower to grant immunity.S.25Exemption from tax on wealth and income.S.26Cognizance of offences by courts.S.26AEstablishment of Special Courts.S.26BOffences triable by Special Courts.S.26CAppeal and revision.S.26DApplication of Code to proceedings before Special Court.S.26ETransitional provisions.S.27Contravention by companies.S.28Omitted..S.28ARecovery of amounts.S.28BContinuance of proceedings.S.29Power to make rules.S.30Power to make regulations.S.31Rules and regulations to be laid before Parliament.S.32Application of other laws not barred.S.33Repealed..S.34Power to remove difficulties.S.34AValidation of certain acts.S.35Repeal and saving.