The Securities and Exchange Board of India Act

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.

1992

List of Chapters & Sections

PRELIMINARY ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA TRANSFER OF ASSETS, LIABILITIES, ETC., OF THE EXISTING SECURITIES AND EXCHANGE BOARD TO THE BOARD POWERS AND FUNCTIONS OF THE BOARD REGISTRATION CERTIFICATE PROHIBITION OF MANIPULATIVE AND DECEPTIVE DEVICES, INSIDER TRADING AND SUBSTANTIAL ACQUISITION OF SECURITIES OR CONTROL FINANCE, ACCOUNTS AND AUDIT PENALTIES AND ADJUDICATION ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF APPELLATE TRIBUNAL MISCELLANEOUS

ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA

Establishment and incorporation of Board

Management of the Board

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

Removal of member from office

Member not to participate in meetings in certain cases

Vacancies, etc., not to invalidate proceedings of Board

Officers and employees of the Board

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

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

POWERS AND FUNCTIONS OF THE BOARD

Functions of Board

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

Collective investment scheme

Power to issue directions and levy penalty

Cease and desist proceedings

REGISTRATION CERTIFICATE

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

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

FINANCE, ACCOUNTS AND AUDIT

Grants by the Central Government

Accounts and audit

PENALTIES AND ADJUDICATION

Penalty for failure to furnish information, return, etc

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

Penalty for failure to redress investors‟ grievances

Penalty for certain defaults in case of mutual funds

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

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

Penalty for default in case of investment adviser and research analyst

Penalty for default in case of stock brokers

Penalty for insider trading

Penalty for non-disclosure of acquisition of shares and takeovers

Penalty for fraudulent and unfair trade practices

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

Penalty for contravention where no separate penalty has been provided

Power to adjudicate

Factors to be taken into account while adjudging quantum of penalty

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

Settlement of administrative and civil proceedings

ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF APPELLATE TRIBUNAL

Establishment of Securities Appellate Tribunals

Composition of Securities Appellate Tribunal

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

Amendment of Presiding Officer and Judicial Member

Search-cum-Selection Committee for appointment of Technical Members

Vacancy not to invalidate selection proceeding

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

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

Filling up of vacancies

Member to act as Presiding Officer in certain circumstance

Resignation and removal

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

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

Staff of the Securities Appellate Tribunal

Appeal to the Securities Appellate Tribunal

Procedure and powers of the Securities Appellate Tribunal

Right to legal representation

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

Civil Court not to have jurisdiction

Appeal to Supreme Court

MISCELLANEOUS

Power of Central Government to issue direction

Power of Central Government to supersede the Board

Returns and reports

Bar of jurisdiction

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

Protection of action taken in good faith

Composition of certain offences

Power to grant immunity

Exemption from tax on wealth and income

Cognizance of offences by courts

Establishment of Special Courts

Offences triable by Special Courts

Appeal and revision

Application of Code to proceedings before Special Court

Transitional provisions

Contravention by companies

Recovery of amounts

Continuance of proceedings

Power to make rules

Power to make regulations

Rules and regulations to be laid before Parliament

Application of other laws not barred

Power to remove difficulties

Validation of certain acts

Repeal and saving