Bare Acts

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 and for matters connected therewith or incidental thereto.

भारतीय प्रतिभूति और विनिमय बोर्ड अधिनियम,1992

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Act Details

Act Number:

Act Year:

1992

Location:

Enactment Date:

4/4/1992

Enforcement Date:

30-01-1992

Ministry:

Ministry of Finance

Department:

Department of Economic Affairs

All Section List

PRELIMINARY

Section 1 to Section 2

Section 1

Short title, extent and commencement.

Section 2

Definitions.

ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA

Section 3 to Section 9

Section 3

Establishment and incorporation of Board.

Section 4

Management of the Board.

Section 5

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

Section 6

Removal of member from office.

Section 7

Meetings.

Section 7A

Member not to participate in meetings in certain cases.

Section 8

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

Section 9

Officers and employees of the Board.

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

Section 10

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

POWERS AND FUNCTIONS OF THE BOARD

Section 11 to Section 11D

Section 11

Functions of Board.

Section 11A

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

Section 11AA

Collective investment scheme.

Section 11B

Power to issue directions and levy penalty.

Section 11C

Investigation.

Section 11D

Cease and desist proceedings.

REGISTRATION CERTIFICATE

Section 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

Section 12A

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

FINANCE, ACCOUNTS AND AUDIT

Section 13 to Section 15

Section 13

Grants by the Central Government.

Section 14

Fund.

Section 15

Accounts and audit.

PENALTIES AND ADJUDICATION

Section 15A to Section 15JB

Section 15A

Penalty for failure to furnish information, return, etc.

Section 15B

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

Section 15C

Penalty for failure to redress investors? grievances.

Section 15D

Penalty for certain defaults in case of mutual funds.

Section 15E

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

Section 15EA

Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts.

Section 15EB

Penalty for default in case of investment adviser and research analyst.

Section 15F

Penalty for default in case of stock brokers.

Section 15G

Penalty for insider trading.

Section 15H

Penalty for non-disclosure of acquisition of shares and takeovers.

Section 15HA

Penalty for fraudulent and unfair trade practices.

Section 15HAA

Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board.

Section 15HB

Penalty for contravention where no separate penalty has been provided.

Section 15I

Power to adjudicate.

Section 15J

Factors to be taken into account while adjudging quantum of penalty.

Section 15JA

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

Section 15JB

Settlement of administrative and civil proceedings.

ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF APPELLATE TRIBUNAL

Section 15K to Section 15Z

Section 15K

Establishment of Securities Appellate Tribunals.

Section 15L

Composition of Securities Appellate Tribunal.

Section 15M

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

Section 15MA

Amendment of Presiding Officer and Judicial Member.

Section 15MB

Search-cum-Selection Committee for appointment of Technical Members.

Section 15MC

Vacancy not to invalidate selection proceeding.

Section 15N

Tenure of office of Presiding Officer and other Members of Securities Appellate Tribunal.

Section 15O

Salary and allowances and other terms and conditions of service of Presiding Officers.

Section 15P

Filling up of vacancies.

Section 15PA

Member to act as Presiding Officer in certain circumstances

Section 15Q

Resignation and removal.

Section 15QA

Qualifications, terms and conditions of service of Presiding Officer and Member.

Section 15R

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

Section 15S

Staff of the Securities Appellate Tribunal.

Section 15T

Appeal to the Securities Appellate Tribunal.

Section 15U

Procedure and powers of the Securities Appellate Tribunal.

Section 15V

Right to legal representation.

Section 15W

Limitation.

Section 15X

Presiding Officer, Members and staff of Securities Appellate Tribunals to be public servants.

Section 15Y

Civil Court not to have jurisdiction.

Section 15Z

Appeal to Supreme Court.

MISCELLANEOUS

Section 16 to Section 35

Section 16

Power of Central Government to issue directions

Section 17

Power of Central Government to supersede the Board.

Section 18

Section 19

Section 20

Section 20A

Section 21

Section 22

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

Section 23

Protection of action taken in good faith.

Section 24

Offences.

Section 24A

Composition of certain offences.

Section 24B

Power to grant immunity.

Section 25

Exemption from tax on wealth and income.

Section 26

Cognizance of offences by courts.

Section 26A

Establishment of Special Courts.

Section 26B

Offences triable by Special Courts.

Section 26C

Appeal and revision.

Section 26D

Application of Code to proceedings before Special Court.

Section 26E

Transitional provisions.

Section 27

Contravention by companies.

Section 28

Omitted..

Section 28A

Recovery of amounts.

Section 28B

Continuance of proceedings.

Section 29

Power to make rules.

Section 30

Power to make regulations.

Section 31

Rules and regulations to be laid before Parliament.

Section 32

Application of other laws not barred.

Section 33

Repealed..

Section 34

Power to remove difficulties.

Section 34A

Validation of certain acts.

Section 35

Repeal and saving.