THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

ACT NO. 15 OF 1992 · Enacted [4th April, 1992.] · 91 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA

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.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.Grants by the Central Government.

Section 14.Fund.

Section 15.Accounts and audit.

PENALTIES AND ADJUDICATION

Section 15-I.Power to adjudicate.

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

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 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.Power of Central Government to issue directions.

Section 17.Power of Central Government to supersede the Board.

Section 18.Returns and reports.

Section 19.Delegation.

Section 20.Appeals.

Section 20A.Bar of jurisdiction.

Section 21.Savings.

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.