Brief

The Securities Laws (Amendment) Act, 2014 was introduced to enhance the regulatory powers of the Securities and Exchange Board of India (SEBI) to ensure more effective enforcement within the securities market. Key amendments include the establishment of Special Courts for swift trials, a structured penalty framework for various violations, and provisions for settlement and recovery mechanisms. These changes allow SEBI to impose minimum penalties, increase accountability, and enhance its power to act against violators, particularly in matters impacting market integrity.

 

THE GAZETTE OF INDIA EXTRAORDINARY

[P

ART

II—

In section 23A of the principal Act, in clauses (

a

) and (

b

), for the words ‘‘of one lakh

rupees for each day during which such failure continues or one crore rupees, whichever is

less’’, the words ‘‘which shall not be less than one lakh rupees but which may extend to one

lakh rupees for each day during which such failure continues subject to a maximum of one

crore rupees’’ shall be substituted.

In section 23B of the principal Act, for the words ‘‘of one lakh rupees for each day

during  which  such  failure  continues  or  one  crore  rupees,  whichever  is  less’’,  the  words

‘‘which shall not be less than one lakh rupees but which may extend to one lakh rupees for

each day during which such failure continues subject to a maximum of one crore rupees’’

shall  be  substituted.

In section 23C of the principal Act, for the words ‘‘of one lakh rupees for each day

during  which  such  failure  continues  or  one  crore  rupees,  whichever  is  less’’,  the  words

‘‘which shall not be less than one lakh rupees but which may extend to one lakh rupees for

each day during which such failure continues subject to a maximum of one crore rupees’’

shall  be  substituted.

In section 23D of the principal Act, for the words ‘‘liable to a penalty not exceeding

one crore rupees”, the words ‘‘liable to a penalty which shall not be less than one lakh rupees

but which may extend to one crore rupees’’ shall be substituted.

In section 23E of the principal Act, for the words ‘‘liable to a penalty not exceeding

twenty-five crore rupees”, the words ‘‘liable to a penalty which shall not be less than five

lakh rupees but which may extend to twenty-five crore rupees’’ shall be substituted.

In section 23F of the principal Act, for the words ‘‘liable to a penalty not exceeding

twenty-five crore rupees”, the words ‘‘liable to a penalty which shall not be less than five

lakh rupees but which may extend to twenty-five crore rupees’’ shall be substituted.

In section 23G of the principal Act, for the words ‘‘liable to a penalty not exceeding

twenty-five crore rupees”, the words ‘‘liable to a penalty which shall not be less than five

lakh rupees but which may extend to twenty-five crore rupees’’ shall be substituted.

In section 23H of the principal Act, for the words ‘‘liable to a penalty which may

extend to one crore rupees”, the words ‘‘liable to a penalty which shall not be less than one

lakh rupees but which may extend to one crore rupees’’ shall be substituted.

In section 23-I of the principal Act, after sub-section (

2

), the following sub-section

shall be inserted, namely:-—

‘‘ (

3

) The Board may call for and examine the record of any proceedings under

this  section  and  if  it  considers  that  the  order  passed  by  the  adjudicating  officer  is

erroneous to the extent it is not in the interests of the securities market, it may, after

making  or  causing  to  be  made  such  inquiry  as  it  deems  necessary,  pass  an  order

enhancing the quantum of penalty, if the circumstances of the case so justify:

Provided that no such order shall be passed unless the person concerned has

been given an opportunity of being heard in the matter:

Provided further that nothing contained in this sub-section shall be applicable

after an expiry of a period of three months from the date of the order passed by the

adjudicating officer or disposal of the appeal under section 23L, whichever is earlier.’’.

After section 23J of the principal Act, the following section shall be inserted and

shall be deemed to have been inserted with effect from the 20th day of April, 2007,  namely:—

‘‘23JA. (

1

) Notwithstanding anything contained in any other law for the time

being in force, any person, against whom any proceedings have been initiated or may

be initiated under section 12A or section 23-I, may file an application in writing to the

Board proposing for settlement of the proceedings initiated or to be initiated for the

alleged defaults.

Amendment

of  section

23A.

Amendment

of  section

23B.

Amendment

of  section

23C.

Amendment

of  section

23D.

Amendment

of  section

23E.

Amendment

of  section

23F.

Amendment

of  section

23G.

Amendment

of  section

23H.

Amendment  of

section  23-I.

Insertion  of

new  section

23JA.

Settlement

of  adminis-

trative  and

civil

proceedings.

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THE GAZETTE OF INDIA EXTRAORDINARY

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(

2

) The Board may, after taking into consideration the nature, gravity and impact

of  defaults,  agree  to  the  proposal  for  settlement,  on  payment  of  such  sum  by  the

defaulter or on such other terms as may be determined by the Board in accordance with

the regulations made under the Securities and Exchange Board of India Act, 1992.

(

3

) For the purposes of settlement under this section, the procedure as specified

by the Board under the Securities and Exchange Board of India Act, 1992 shall apply.

(

4

) No appeal shall lie under section 23L against any order passed by the Board

or the adjudicating officer, as the case may be, under this section.’’.

35.

After section 23JA of the principal Act as so inserted, the following section shall be

inserted, namely:—

‘23JB. (

1

) If a person fails to pay the penalty imposed by the adjudicating officer

or fails to comply with a direction of disgorgement order issued under section 12A or

fails to pay any fees due to the Board, the Recovery Officer may draw up under his

signature a statement in the specified form specifying the amount due from the person

(such  statement  being  hereafter  in  this  Chapter  referred  to  as  certificate)  and  shall

proceed to recover from such person the amount specified in the certificate by one or

more of the following modes, namely:—

(

a

) attachment and sale of the person’s movable property;

(

b

) attachment of the person’s bank accounts;

(

c

) attachment and sale of the person’s immovable property;

(

d

) arrest of the person and his detention in prison;

(

e

) appointing a receiver for the management of the person’s movable and

immovable properties,

and for this purpose, the provisions of sections 220 to 227, 228A, 229, 232, the Second

and  Third  Schedules  to  the  Income-tax  Act,  1961  and  the  Income-tax  (Certificate

Proceedings) Rules, 1962, as in force from time to time, in so far as may be, apply with

necessary modifications as if the said provisions and the rules thereunder were the

provisions  of  this  Act  and  referred  to  the  amount  due  under  this  Act  instead  of  to

income-tax under the Income-tax Act, 1961.

Explanation

1.— For the purposes of this sub-section, the person’s movable or

immovable property or monies held in bank accounts shall include any property or

monies held in bank accounts which has been transferred, directly or indirectly on or

after the date when the amount specified in certificate had become due, by the person

to  his  spouse  or  minor  child  or  son’s  wife  or  son’s  minor  child,  otherwise  than  for

adequate consideration, and which is held by, or stands in the name of, any of the

persons aforesaid; and so far as the movable or immovable property or monies held in

bank accounts so transferred to his minor child or his son’s minor child is concerned,

it shall, even after the date of attainment of majority by such minor child or son’s minor

child, as the case may be, continue to be included in the person’s movable or immovable

property or monies held in bank accounts for recovering any amount due from the

person under this Act.

Explanation

2.— Any reference under the provisions of the Second and Third

Schedules to the Income-tax Act, 1961 and the Income-tax (Certificate Proceedings)

Rules, 1962 to the assessee shall be construed as a reference to the person specified in

the certificate.

Explanation

3.— Any reference to appeal in Chapter XVIID and the Second

Schedule  to  the  Income-tax  Act,  1961,  shall  be  construed  as  a  reference  to  appeal

before the Securities Appellate Tribunal under section 23L of this Act.

15  of  1992.

15  of  1992.

43  of  1961.

43  of  1961.

43  of  1961.

Insertion  of

new  section

23JB.

Recovery  of

amounts.

10

THE GAZETTE OF INDIA EXTRAORDINARY

[P

ART

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(

2

) The Recovery Officer shall be empowered to seek the assistance of the local

district administration while exercising the powers under sub-section (

1

).

(

3

) Notwithstanding anything contained in any other law for the time being in

force, the recovery of amounts by a Recovery Officer under sub-section (

1

), pursuant

to non-compliance with any direction issued by the Board under section 12A, shall

have precedence over any other claim against such person.

(

4

) For the purposes of sub-sections (

1

), (

2

) and (

3

), the expression ‘‘Recovery

Officer’’ means any officer of the Board who may be authorised, by general or special

order in writing to exercise the powers of a Recovery Officer.’.

In  section  23L  of  the  principal  Act,  in  sub-section  (

1

),  after  the  word,  figure

and  letter  ‘‘section  4B’’,  the  words,  brackets,  figures  and  letter  ‘‘or  sub-section  (

3

)  of

section 23-I’’ shall be inserted.

In section 26 of the principal Act, sub-section (

2

) shall be omitted.

After  section  26  of  the  principal  Act,  the  following  sections  shall  be  inserted,

namely:—

‘‘26A. (

1

) The Central Government may, for the purpose of providing speedy

trial of offences under this Act, by notification, establish or designate as many Special

Courts as may be necessary.

(

2

) A Special Court shall consist of a single judge who shall be appointed by the

Central Government with the concurrence of the Chief Justice of the High Court within

whose jurisdiction the judge to be appointed is working.

(

3

) A person shall not be qualified for appointment as a judge of a Special Court

unless he is, immediately before such appointment, holding the office of a Sessions

Judge or an Additional Sessions Judge, as the case may be.

26B. Notwithstanding anything contained in the Code of Criminal Procedure,

1973, all offences under this Act committed prior to the date of commencement of the

Securities Laws (Amendment) Act, 2014 or on or after the date of such commencement,

shall be taken cognizance of and tried by the Special Court established for the area in

which the offence is committed or where there are more Special Courts than one for

such area, by such one of them as may be specified in this behalf by the High Court

concerned.

26C. The High Court may exercise, so far as may be applicable, all the powers

conferred by Chapters XXIX and XXX of the Code of Criminal Procedure, 1973 on a

High Court, as if a Special Court within the local limits of the jurisdiction of the High

Court were a Court of Session trying cases within the local limits of the jurisdiction of

the High Court.

26D. (

1

) Save as otherwise provided in this Act, the provisions of the Code of

Criminal Procedure, 1973 shall apply to the proceedings before a Special Court and for

the purposes of the said provisions, the Special Court shall be deemed to be a Court of

Session and the person conducting prosecution before a Special Court shall be deemed

to be a Public Prosecutor within the meaning of clause (

u

) of section 2 of the Code of

Criminal Procedure, 1973.

(

2

)  The  person  conducting  prosecution  referred  to  in  sub-section  (

1

)  should

have been in practice as an advocate for not less than seven years or should have held

a post, for a period of not less than seven years, under the Union or a State, requiring

special knowledge of law.

Amendment

of  section

23L.

Establishment

of  Special

Courts.

Offences

triable  by

Special

Courts.

Appeal  and

Revision.

Application

of  Code  to

proceedings

before  Special

Court.

2  of  1974.

2  of  1974.

2  of  1974.

Amendment  of

section  26.

Insertion  of  new

sections  26A,

26B,  26C,  26D

and  26E.

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26E. Any offence committed under this Act, which is triable by a Special Court

shall, until a Special Court is established, be taken cognizance of and tried by a Court

of Session exercising jurisdiction over the area, notwithstanding anything contained

in the Code of Criminal Procedure, 1973:

Provided that nothing contained in this section shall affect the powers of the High

Court under section 407 of the Code to transfer any case or class of cases taken cognizance

by a Court of Session under this section.’’.

In section 31 of the principal Act, in sub-section (

2

), after clause (

b

), the following

clauses shall be inserted, namely:—

‘‘ (

c

)  the  terms  determined  by  the  Board  for  settlement  of  proceedings  under

sub-section (

2

) of section 23JA;

(

d

) any other matter which is required to be, or may be, specified by regulations

or in respect of which provision is to be made by regulations.’’.

After section 31 of the prinipal Act, the following section shall be inserted, namely:—

‘‘32. Any act or thing done or purporting to have been done under the principal

Act,  in  respect  of  settlement  of  administrative  and  civil  proceedings,  shall,  for  all

purposes,  be  deemed  to  be  valid  and  effective  as  if  the  amendments  made  to  the

principal Act had been in force at all material times.’’.

CHAPTER IV

A

MENDMENTS

TO

THE

D

EPOSITORIES

A

CT

, 1996

41.

In section 19 of the Depositories Act, 1996 (hereafter in this Chapter referred to as

the principal Act), the following

Explanation

shall be inserted, namely:—

‘‘

Explanation

.— For the removal of doubts, it is hereby declared that power to

issue directions under this section shall include and always be deemed to have been

included the power to direct any person, who made profit or averted loss by indulging

in any transaction or activity in contravention of the provisions of this Act or regulations

made thereunder, to disgorge an amount equivalent to the wrongful gain made or loss

averted by such contravention.’’.

In section 19A of the principal Act, in clauses (

a

), (

b

) and (

c

), for the words ‘‘of one

lakh rupees for each day during which such failure continues or one crore rupees, whichever

is less’’, the words ‘‘which shall not be less than one lakh rupees but which may extend to

one lakh rupees for each day during which such failure continues subject to a maximum of

one crore rupees’’ shall be substituted.

In section 19B of the principal Act, for the words ‘‘of one lakh rupees for each day

during  which  such  failure  continues  or  one  crore  rupees,  whichever  is  less’’,  the  words

‘‘which shall not be less than one lakh rupees but which may extend to one lakh rupees for

each day during which such failure continues subject to a maximum of one crore rupees’’

shall  be  substituted.

In section 19C of the principal Act, for the words ‘‘of one lakh rupees for each day

during  which  such  failure  continues  or  one  crore  rupees,  whichever  is  less’’,  the  words

‘‘which shall not be less than one lakh rupees but which may extend to one lakh rupees for

each day during which such failure continues subject to a maximum of one crore rupees’’

shall  be  substituted.

In section 19D of the principal Act, for the words ‘‘of one lakh rupees for each day

during  which  such  failure  continues  or  one  crore  rupees,  whichever  is  less’’,  the  words

‘‘which shall not be less than one lakh rupees but which may extend to one lakh rupees for

each day during which such failure continues subject to a maximum of one crore rupees’’

shall  be  substituted.

In section 19E of the principal Act, for the words ‘‘of one lakh rupees for each day

during  which  such  failure  continues  or  one  crore  rupees,  whichever  is  less’’,  the  words

‘‘which shall not be less than one lakh rupees but which may extend to one lakh rupees for

each day during which such failure continues subject to a maximum of one crore rupees’’

shall  be  substituted.

2  of  1974.

22  of  1996.

Transitional

provisions.

Amendment

of  section  31.

Amendment

of  section  19.

Amendment

of  section

19A.

Amendment

of  section

19B.

Amendment

of  section

19C.

Amendment

of  section

19D.

Amendment

of  section

19E.

Insertion  of

new  section  32.

Validation  of

certain  acts.

12

THE GAZETTE OF INDIA EXTRAORDINARY

[P

ART

II—

47.

In section 19F of the principal Act, for the words ‘‘of one lakh rupees for each day

during  which  such  failure  continues  or  one  crore  rupees,  whichever  is  less’’,  the  words

‘‘which shall not be less than one lakh rupees but which may extend to one lakh rupees for

each day during which such failure continues subject to a maximum of one crore rupees’’

shall  be  substituted.

In section 19G of the principal Act, for the words ‘‘liable to a penalty which may

extend to one crore rupees’’, the words ‘‘ liable to a penalty which shall not be less than one

lakh rupees but which may extend to one crore rupees’’ shall be substituted.

49 .

In section 19H of the principal Act, after sub-section (

2

), the following sub-section

shall be inserted, namely:-—

“(

3

) The Board may call for and examine the record of any proceedings under

this  section  and  if  it  considers  that  the  order  passed  by  the  adjudicating  officer  is

erroneous to the extent it is not in the interests of the securities market, it may, after

making  or  causing  to  be  made  such  inquiry  as  it  deems  necessary,  pass  an  order

enhancing the quantum of penalty, if the circumstances of the case so justify:

Provided that no such order shall be passed unless the person concerned has

been given an opportunity of being heard in the matter:

Provided further that nothing contained in this sub-section shall be applicable

after an expiry of a period of three months from the date of the order passed by the

adjudicating officer or disposal of the appeal under section 23A, whichever is earlier.’’.

After section 19-I of the principal Act, the following section shall be inserted and

shall be deemed to have been inserted with effect from the 20th day of April, 2007, namely:—

“19-IA. (

1

) Notwithstanding anything contained in any other law for the time

being in force, any person, against whom any proceedings have been initiated or may

be initiated under section 19 or section 19H, as the case may be, may file an application

in writing to the Board proposing for settlement of the proceedings initiated or to be

initiated for the alleged defaults.

(

2

) The Board may, after taking into consideration the nature, gravity and impact

of  defaults,  agree  to  the  proposal  for  settlement,  on  payment  of  such  sum  by  the

defaulter or on such other terms as may be determined by the Board in accordance with

the regulations made under the Securities and Exchange Board of India Act, 1992.

(

3

) For the purpose of settlement under this section, the procedure as specified

by the Board under the Securities and Exchange Board of India Act, 1992 shall apply.

(

4

) No appeal shall lie under section 23A against any order passed by the Board

or the adjudicating officer under this section.’’.

51.

After section 19-IA of the principal Act as so inserted, the following section shall

be inserted, namely:—

’19-IB. (

1

) If a person fails to pay the penalty imposed by the adjudicating officer

or fails to comply with a direction of disgorgement order issued under section 19 or

fails to pay any fees due to the Board, the Recovery Officer may draw up under his

signature a statement in the specified form specifying the amount due from the person

(such  statement  being  hereafter  in  this  Chapter  referred  to  as  certificate)  and  shall

proceed to recover from such person the amount specified in the certificate by one or

more of the following modes, namely: —

(

a

) attachment and sale of the person’s movable property;

(

b

) attachment of the person’s bank accounts;

(

c

) attachment and sale of the person’s immovable property;

Amendment

of  section

19F.

Amendment

of  section

19G.

Amendment

of

section19H.

Insertion  of

new  section

19-IA.

Settlement

of  Adminis-

trative  and

Civil

Proceedings.

Insertion  of

new  section

19-IB.

Recovery  of

amounts.

15  of  1992.

15  of  1992.

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THE GAZETTE OF INDIA EXTRAORDINARY

13

(

d

) arrest of the person and his detention in prison;

(

e

) appointing a receiver for the management of the person’s movable and

immovable properties,

and for this purpose, the provisions of sections 220 to 227, 228A, 229, 232, the

Second and Third Schedules to the Income-tax Act, 1961 and the Income-tax

(Certificate Proceedings) Rules, 1962, as in force from time to time, in so far as

may be, apply with necessary modifications as if the said provisions and the

rules thereunder were the provisions of this Act and referred to the amount due

under this Act instead of to income-tax under the Income-tax Act, 1961.

Explanation

1.—  For  the  purposes  of  this  sub-section,  the  person’s

movable or immovable property or monies held in bank accounts shall include

any  property  or  monies  held  in  bank  accounts  which  has  been  transferred,

directly or indirectly on or after the date when the amount specified in certificate

had become due, by the person to his spouse or minor child or son’s wife or

son’s minor child, otherwise than for adequate consideration, and which is held

by,  or  stands  in  the  name  of,  any  of  the  persons  aforesaid;  and  so  far  as  the

movable or immovable property or monies held in bank accounts so transferred

to his minor child or his son’s minor child is concerned, it shall, even after the

date of attainment of majority by such minor child or son’s minor child, as the

case  may  be,  continue  to  be  included  in  the  person’s  movable  or  immovable

property or monies held in bank accounts for recovering any amount due from

the person under this Act.

Explanation

  1. — Any reference under the provisions of the Second and

Third Schedules to the Income-tax Act, 1961 and the Income-tax (Certificate

Proceedings) Rules, 1962 to the assessee shall be construed as a reference to the

person specified in the certificate.

Explanation

  1. — Any  reference  to  appeal  in  Chapter  XVIID  and  the

Second Schedule to the Income-tax Act, 1961, shall be construed as a reference

to appeal before the Securities Appellate Tribunal under section 23A of this Act.

(

2

) The Recovery Officer shall be empowered to seek the assistance of the local

district administration while exercising the powers under sub-section (

1

).

(

3

) Notwithstanding anything contained in any other law for the time being in

force, the recovery of amounts by a Recovery Officer under sub-section (

1

), pursuant

to non-compliance with any direction issued by the Board under section 19, shall have

precedence over any other claim against such person.

(

4

) For the purposes of sub-sections (

1

), (

2

) and (

3

), the expression ‘‘Recovery

Officer’’ means any officer of the Board who may be authorised, by general or special

order in writing, to exercise the powers of a Recovery Officer.

In section 22 of the principal Act, sub-section (

2

) shall be omitted.

After section 22B of the principal Act, the following sections shall be inserted,

namely:—

“22C. (

1

) The Central Government may, for the purpose of providing speedy trial

of  offences  under  this  Act,  by  notification,  establish  or  designate  as  many  Special

Courts as may be necessary.

(

2

) A Special Court shall consist of a single judge who shall be appointed by the

Central Government with the concurrence of the Chief Justice of the High Court within

whose jurisdiction the judge to be appointed is working.

43  of  1961.

43  of  1961.

43  of  1961.

Amendment

of  section  22.

Insertion  of

new  sections

22C,  22D,

22E,  22F  and

22G.

Establishment

of  Special

Courts.

14

THE GAZETTE OF INDIA EXTRAORDINARY

[P

ART

II—

(

3

) A person shall not be qualified for appointment as a judge of a Special Court

unless he is, immediately before such appointment, holding the office of a Sessions

Judge or an Additional Sessions Judge, as the case may be.

22D. Notwithstanding anything contained in the Code of Criminal Procedure,

1973, all offences under this Act committed prior to the date of commencement of the

Securities Laws (Amendment) Act, 2014 or on or after the date of such commencement,

shall be taken cognizance of and tried by the Special Court established for the area in

which the offence is committed or where there are more Special Courts than one for

such area, by such one of them as may be specified in this behalf by the High Court

concerned.

22E. The High Court may exercise, so far as may be applicable, all the powers

conferred by Chapters XXIX and XXX of the Code of Criminal Procedure, 1973 on a

High Court, as if a Special Court within the local limits of the jurisdiction of the High

Court were a Court of Session trying cases within the local limits of the jurisdiction of

the High Court.

22F. (

1

) Save as otherwise provided in this Act, the provisions of the Code of

Criminal Procedure, 1973 shall apply to the proceedings before a Special Court and for

the purposes of the said provisions, the Special Court shall be deemed to be a Court of

Session and the person conducting prosecution before a Special Court shall be deemed

to be a Public Prosecutor within the meaning of clause (

u

) of section 2 of the Code of

Criminal Procedure, 1973.

(

2

)  The  person  conducting  prosecution  referred  to  in  sub-section  (

1

)  should

have been in practice as an advocate for not less than seven years or should have held

a post, for a period of not less than seven years, under the Union or a State, requiring

special knowledge of law.

22G. Any offence committed under this Act, which is triable by a Special Court

shall, until a Special Court is established, be taken cognizance of and tried by a Court

of Session exercising jurisdiction over the area, notwithstanding anything contained

in the Code of Criminal Procedure, 1973:

Provided that nothing contained in this section shall affect the powers of the

High Court under section 407 of the Code to transfer any case or class of cases taken

cognizance by a Court of Session under this section.’’.

In section 23A of the principal Act, sub-section (

2

) shall be omitted.

In section 25 of the principal Act, in sub-section (

2

), after clause (

g

), the following

clauses shall be inserted, namely:—

‘‘ (

h

) the terms determined by the Board for settlement of proceedings under sub-

section (

2

) of section 19-IA;

(

i

) any other matter which is required to be, or may be, specified by regulations

or in respect of which provision to be made by regulations.’’.

After  section  30  of  the  principal  Act,  the  following  section  shall  be  inserted,

namely:—

“30A. Any act or thing done or purporting to have been done under the principal

Act,  in  respect  of  settlement  of  administrative  and  civil  proceedings,  shall,  for  all

purposes,  be  deemed  to  be  valid  and  effective  as  if  the  amendments  made  to  the

principal Act had been in force at all material times.’’.

2  of  1974.

2  of  1974.

2  of  1974.

2  of  1974.

Offences

triable  by

Special

Courts.

Appeal  and

revision.

Application

of  Code  to

proceedings

before  Special

Court.

Transitional

provisions.

Amendment

of  section

23A.

Insertion  of

new  section

30A.

Validation  of

certain  acts.

Amendment

of  section  25.

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EC

. 1]

THE GAZETTE OF INDIA EXTRAORDINARY

15

Notwithstanding the fact that the Securities Laws (Amendment) Ordinance, 2014

has ceased to operate, anything done or any action taken or purported to have been done or

taken under the provisions of the said Ordinance shall be deemed to have been done or taken

under the corresponding provisions of this Act as if such provisions had been in force at all

material times.

Ord.  2  of

2014.

Validation

and  savings.

————

  1. SANJAY SINGH,

Secretary to the Govt. of India

.

————

CORRIGENDA

In the Andhra Pradesh Reorganisation Act, 2014 (6 of 2014) as published in the Gazette

of India, Extraordinary, Part II, Section 1, Issue No. 6, dated the 1st March, 2014,—

Page

Column

Line(s)

for

Read

No.

No.

2

2 8

“Rangareddi”

“Ranga  Reddy”

5

1 0

“sub-section  (

1

)”

“sub-section  (

1

)  of  section  17”

2 1

4 1

“terms  clause”

“terms  of  clause”

25

3

“oppointed”

“appointed”

26

19

“section  102”

“section  101”

28

25

“2014”

“2013”

3 6

1

3 2

“129.  Pulivendla”

“129.  Pulivendula,”

3 6

2

3 2

“Pulivendla;”

“Pulivendula,”

39

2

21

“47-Mandapeta.”

“48-Mandapeta.”

4 0

2

5

“129-Pulivendla”

“129-Pulivendula”

42

11

“5—DISTRICT:  RANGAREDDI”

“5—DISTRICT: RANGA

REDDY”

4 6

1  and  2

34,  35

“4.  NIZAMABAD

1-Armur,

“4.  NIZAMABAD

11-Armur,

2-Bodhan

12-Bodhan

3-Nizamabad  (Urban),  4-Nizamabad

17-Nizamabad  (Urban),

(Rural),  5-Balkonda,  6-Koratla

and

18-Nizamabad

7-Jagtial.”

(Rural),  19-Balkonda,  20-Koratla  and

21-Jagtial.”

4 6

1  and  2

38  to  42

“6.  MEDAK

8-Siddipet,  9-Medak,

“6.  MEDAK

33-Siddipet,  34-Medak,

10-Narsapur,  11-Sangareddy,

37-Narsapur,  39-Sangareddy,

12-Patancheru,  13-Dubbak  and

40-Patancheru,  41-Dubbak  and

14-Gajwel.

42-Gajwel.

  1. MALKAJGIRI

15-Medchal,

  1. MALKAJGIRI

43-Medchal,

16-Malkajgiri,  17-Qutbullapur,

44-Malkajgiri,  45-Qutbullapur,

18-Kukatpalle,  19-Uppal,

46-Kukatpalle,  47-Uppal,

20-Lal  Bahadur  Nagar  and

49-Lal  Bahadur  Nagar  and

21-Secunderabad  Cantt.  (SC).’’

71-Secunderabad  Cantt.  (SC).’’

4 6

1  and  2

45  to  49

‘‘9.  HYDERABAD

22-Malakpet,

‘‘9.  HYDERABAD

58-Malakpet,

23-Karwan,  24-Goshamahal,

64-Karwan,  65-Goshamahal,

25-Charminar,  26-Chandrayangutta,

66-Charminar,  67-Chandrayangutta,

27-Yakutpura  and  28-Bahadurpura.

68-Yakutpura  and  69-Bahadurpura.

  1. CHEVELLA

29-Maheswaram,

  1. CHEVELLA

50-Maheswaram,

30-Rajendranagar,

51-Rajendranagar,

31-Serilingampally,

52-Serilingampally,

32-Chevella  (SC),  33-Pargi,

53-Chevella  (SC),  54-Pargi,

34-Vicarabad(SC)  and  35-Tandur.’’

55-Vicarabad(SC)  and  56-Tandur.’’

16

THE GAZETTE OF INDIA EXTRAORDINARY

[P

ART

II—

4 7

1  and  2

2  to  4

“11.  MAHBUBNAGAR

“11.  MAHBUBNAGAR

36-Kodangal,

72-Kodangal,

37-Narayanpet,  38-Mahbubnagar,

73-Narayanpet,

39-Jadcherla,  40-Devarkadra,

74-Mahbubnagar,

41-Makthal  and  42-Shadnagar

.”

75-Jadcherla,  76-Devarkadra,

77-Makthal  and

84-Shadnagar.”

4 7

1  and  2

8  to  10

“13.  NALGONDA

43-Devarakonda

“13.  NALGONDA

(ST),  44-Nagarjuna  Sagar,  45-Mirya-

86-Devarakonda  (ST),

laguda,  46-Huzurnagar,  47-Kodad,

87-Nagarjuna  Sagar,

48-Suryapet  and  49-Nalgonda.”

88-Miryalaguda,

89-Huzurnagar,  90-Kodad,

91-Suryapet  and

92-Nalgonda.”

4 7

1  and  2

14  to  16

“15.  WARANGAL  (SC)

“15.  WARANGAL  (SC)

50-Ghanpur  (Station)  (SC),

99-Ghanpur  (Station)  (SC),

51-Palakurthi,

100-Palakurthi,

52-Parkal,

104-Parkal,

53-Warangal  West,

105-Warangal  West,

54-Warangal  East,

106-Warangal  East,

55-W

ardhannapet  (SC)  and

107-Wardhannapet  (SC)  and

56-Bhupalpalle.”

108-Bhupalpalle.”

4 7

1  and  2

20  to  22

“17.  Khammam

“17.  Khammam

57-Khammam,

112-Khammam,

58-Palair,  59-Madhira

113-Palair,  114-Madhira

(SC),

(SC),

60-Wyra  (ST),  61-Sathupalle

1

15-Wyra  (ST),

(SC),

116-Sathupalle  (SC),

62-Kothagudem  and  63-Aswaraopeta

117-Kothagudem  and

(ST).”

118-Aswaraopeta

(ST).”

48

2

30

“Prakasam-Nellore-Chittor”

“Prakasam-Nellore-Chittoor”

53

15

“Holya”

“Holva”

59

3

17

“Prishrama”

“Parishrama”

59

3

21

“Prishrama”

“Parishrama”

60

3

26

“Chaitniyapuri”

“Chaitanyapuri”

61

3

13

“Sankeshamma”

“Samkshema”

61

3

18

“Sankeshamma”

“Samkshema”

61

3

45

“Mehadipatnam”

“Mehdipatnam”

62

2

38

“Paarisharamika”

“Paarishramika”

6 3

2

3  and  4

Omit

“to  be  added”

63

3

26

“lance”

“Lane”

63

3

33

“50028”

“500028”

6 3

3

3 4

“Sakshema”

“Samkshema”

6 4

3

2

“Sakshema”

“Samkshema”

6 4

2

1 1

“Andhra  Pradesh  Sagar”

“Andhra  Pradesh  Sagara

(Uppara)”

6 4

2

1 4

“Andhra  Pradesh  V

almiki”

“Andhra  Pradesh

Valmiki/

Boya”

6 4

2

1 7

“Andhra  Pradesh  Balija”

“Andhra  Pradesh  Krishna

Balija,  Poosala”

6 4

2

2 0

“Andhra  Pradesh  Batraja”

“Andhra  Pradesh  Bhattraja”

6 4

2

2 4

“Co-operative  Societies  Federation

“Finance  Corporation”

Ltd.”

6 4

2

2 6

“Andhra  Pradesh  Kummari”

“Andhra  Pradesh  Kummari

Salivahana”

Page

Column

Line(s)

for

Read

No.

No.

GMGIPMRND—2317GI(S3)—26-08-2014.

PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD,  NEW DELHI

AND PUBLISHED BY THE CONTROLLER OF  PUBLICATIONS, DELHI—2014.

6 4

2

29  and

“Andhra

Pradesh

“Andhra

Pradesh  State

3 0

Vishwabrahmana

Vishwabrahmana

Co-operative  Societies  Federation

Co-operative  Corproation

Ltd.”

Ltd.”

6 5

2

“Rangareddy”

“Ranga  Reddy”

6 5

2 2

“Rangareddi”

“Ranga  Reddy”

6 6

3 2

“Secundrabad”

“Secunderabad”

6 7

1 3

“Hyderbad”

“Hyderabad”

7 1

6

“within

period”

“within  a  period”.

CORRIGENDUM

In the Finance (No. 2) Act, 2014 (No. 25 of 2014) as published in the Gazette of India,

Extraordinary, Part II, Section 1, Issue No. 29, dated the 6th August, 2014, at page 1, in title,

for

“THE FINANCE (No. 2) BILL, 2014”,

read

“THE FINANCE (No. 2) ACT, 2014”.

Page

Column

Line(s)

for

Read

No.

No.

S

EC

. 1]

THE GAZETTE OF INDIA EXTRAORDINARY

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Highlights content goes here...

The Securities Laws (Amendment) Act, 2014 represents a significant strengthening of the regulatory framework governing securities in India. The Act primarily amends the SEBI Act, Depositories Act, and the Securities Contracts (Regulation) Act, expanding SEBI’s enforcement powers to address emerging challenges in the securities market.

Key Features:

  1. Increased Penalties: The amendment raises the minimum penalties for non-compliance, specifying that penalties should not be less than INR 1 lakh and may reach up to INR 1 crore, depending on the severity of violations.
  2. Settlement Procedures: A new section (23JA) introduces an option for entities under investigation to settle cases with SEBI, thereby reducing prolonged litigation. SEBI now has structured guidelines for settlement terms based on the gravity and impact of violations.
  3. Recovery Mechanism (Section 23JB): SEBI can now recover penalties via attachments, property sales, and bank account freezes if penalties or disgorgement orders are not fulfilled. This process aligns with certain provisions in the Income Tax Act for enforcement.
  4. Special Courts (Sections 26A-26E): Special Courts have been established for expedited trials of securities-related offenses, ensuring that cases are addressed with minimal delay. These courts have jurisdiction over all offenses committed under the securities laws.
  5. Validation of Previous Actions: The Act validates previous actions taken under the Securities Laws (Amendment) Ordinance, 2014, ensuring that these actions remain effective despite the Ordinance’s cessation.

Impact:

This amendment empowers SEBI with stricter enforcement tools and judicial support, which should deter securities violations, provide fair market practices, and protect investor interests more robustly. By strengthening SEBI’s authority to impose significant penalties, recover dues, and resolve cases efficiently, this Act marks a critical step in aligning India’s securities regulation with global standards.

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