Corporate, Banking and Tax
The Securities and Exchange Board of India Act, 1992
Act 15 of 1992 · 92 sections
Title, date and preamble
[4th April, 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.
BE it enacted by Parliament in the Forty-third Year of the Republic of India as follows:—
Contents
CHAPTER I PRELIMINARY
CHAPTER II 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
CHAPTER III TRANSFER OF ASSETS, LIABILITIES, ETC., OF THE EXISTING SECURITIES AND EXCHANGE BOARD TO THE BOARD
CHAPTER IV POWERS AND FUNCTIONS OF THE BOARD
CHAPTER V REGISTRATION CERTIFICATE
CHAPTER VA PROHIBITION OF MANIPULATIVE AND DECEPTIVE DEVICES, INSIDER TRADING AND SUBSTANTIAL ACQUISITION OF SECURITIES OR CONTROL
CHAPTER VI FINANCE, ACCOUNTS AND AUDIT
CHAPTER VIA 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
- 15EA.Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts
- 15EB.Penalty for default in case of investment adviser and research analyst
- 15F.Penalty for default in case of stock brokers
- 15G.Penalty for insider trading
- 15H.Penalty for non-disclosure of acquisition of shares and take-overs
- 15HA.Penalty for fraudulent and unfair trade practices
- 15HAA.Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board
- 15HB.Penalty for contravention where no separate penalty has been provided
- 15I.Power to adjudicate
- 15J.Factors to be taken into account while adjudging quantum of penalty
- 15JA.Crediting sums realised by way of penalties to Consolidated Fund of India
- 15JB.Settlement of administrative and civil proceedings
CHAPTER VIB ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF SECURITIES APPELLATE TRIBUNAL
- 15K.Establishment of Securities Appellate Tribunal
- 15L.Composition of Securities Appellate Tribunal
- 15M.Qualification for appointment as Presiding Officer, Judicial Member and Technical Member
- 15MA.Amendment of Presiding Officer and Judicial Members
- 15MB.Search-cum-Selection Committee for appointment of Technical Members
- 15MC.Vacancy not to invalidate selection proceeding
- 15N.Tenure of office of Presiding Officer, Judicial or Technical Members of Securities Appellate Tribunal
- 15O.Salary and allowances and other terms and conditions of service of Presiding Officers
- 15P.Filling up of vacancies
- 15PA.Member to act as Presiding Officer in certain circumstances
- 15Q.Resignation and removal
- 15QA.Qualifications, terms and conditions of service of Presiding Officer and Member
- 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 tribunal to be public servants
- 15Y.Civil Court not to have jurisdiction
- 15Z.Appeal to Supreme Court
CHAPTER VII MISCELLANEOUS
- 16.Power to 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
- 26A.Establishment of Special Courts
- 26B.Offences triable by Special Courts
- 26C.Appeal and revision
- 26D.Application of Code to proceedings before Special Court
- 26E.Transitional provisions
- 27.Contravention by companies
- 28.Power to exempt
- 28A.Recovery of amounts
- 28B.Continuance of proceedings
- 28C.Powers of Board not to apply to International Financial Services Centre
- 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.Amendment of certain enactments
- 34.Power to remove difficulties
- 34A.Validation of certain acts
- 35.Repeal and saving
Schedules and appendices
Schedules are not yet reproduced here. Read them in the official file; each link opens the page where the Schedule begins.