SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

 

SECTION      

PRELIMINARY

 

1.         Short title, extent and commencement

2.         Definitions

 

ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA

 

3.         Establishment and incorporation of Board

4.         Management of the Board

5.         Term of office and conditions of service of Chairman and members of the Board

6.         Removal of member from office

7.         Meetings

7A.       Member not to participate in meetings in certain cases

8.         Vacancies, etc., not to invalidate proceedings of Board

9.         Officers and employees of the Board

 

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

 

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

 

POWERS AND FUNCTIONS OF THE BOARD

 

11.        Functions of Board

11A.     Board to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities

11AA. Collective investment scheme

11B.     Power to issue directions

11C.     Investigation

11D.     Cease and desist proceedings

 

REGISTRATION CERTIFICATE

 

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

 

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

 

12A.     Prohibition of manipulative and deceptive devices, insider trading and substantial acquisition of securities or control

 

FINANCE, ACCOUNTS AND AUDIT

 

13.        Grants by the Central Government

14.        Fund

15.        Accounts and audit

 

PENALTIES AND ADJUDICATION

 

15A.     Penalty for failure to furnish information, return, etc.

15B.     Penalty for failure by any person to enter into agreement with clients

15C.     Penalty for failure to redress investors' grievances

15D.     Penalty for certain defaults in case of mutual funds

15E.     Penalty for failure to observe rules and regulations by an asset management company

15F.      Penalty for default in case of stock‑brokers

15G      Penalty for insider trading

15H.     Penalty for non‑disclosure of acquisition of shares and takeovers

15HA.  Penalty for fraudulent and unfair trade practices

15HB.  Penalty for contravention where no separate penalty has been provided

15-I.     Power to adjudicate

15J.      Factors to be taken into account by the Adjudicating Officer

15JA.   Crediting sums realised by way of penalties to Consolidated Fund of India

 

ESTABLISHMENT, JURISDICTION, AUTHORITY AND  PROCEDURE OF APPELLATE TRIBUNAL

 

15K      Establishment of Securities Appellate Tribunals

15L.     Composition of Securities Appellate Tribunal

15M.    Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal

15N.     Tenure of office of Presiding Officer and other members of Securities Appellate Tribunal

15‑O.    Salary and allowances and other terms and conditions of service of Presiding Officers

15P.     Filling up of vacancies

15Q.     Resignation and removal

15R.     Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings

15S.      Staff of the Securities Appellate Tribunal

15T.     Appeal to the Securities Appellate Tribunal

15U.     Procedure and powers of the Securities Appellate Tribunal

15V.     Right to legal representation

15W.    Limitation

15X.     Presiding Officer, members and staff of Securities Appellate Tribunals to be public servants

15Y.     Civil Court not to have jurisdiction

15Z.     Appeal to Supreme Court

 

MISCELLANEOUS

 

16.        Power of Central Government to issue directions

17.        Power of Central Government to supersede the Board

18.        Returns and reports

19.        Delegation

20.        Appeals

20A.     Bar of jurisdiction

21.        Savings

22.        Members, officers and employees of the Board to be public servants

23.        Protection of action taken in good faith

24.        Offences

24A.     Composition of certain offences

24B.     Power to grant immunity

25.        Exemption from tax on wealth and income

26.        Cognizance of offences by Courts

27.        Offences by companies

28.        [OMITTED BY THE SECURITIES LAWS (AMENDMENT) ACT, 1995, W.E.F 25‑1‑1995]

29.        Power to make rules

30.        Power to make regulations

31.        Rules and regulations to be laid before Parliament

32.        Application of other laws not barred

33.        [Repealed by Repealing & Amending Act, 2001]

34.        Power to remove difficulties

35.        Repeal and saving

 

THE SCHEDULE [Repealed by Repealing & Amending Act, 2001]