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Brief
THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
ARRANGEMENT OF SECTIONS
LAST UPDATED: 20-9-2021
CHAPTER I PRELIMINARY
SECTIONS
Short title, extent and commencement .
Definitions
CHAPTER II 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 .
Meetings .
7A. Member not to participate in meetings in certain cases .
Vacancies, etc., not to invalidate proceedings of Board .
Officers and employees of the Board
CHAPTER III 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 .
CHAPTER IV POWERS AND FUNCTIONS OF THE BOARD
- Functions of Board .
11A. Board to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities .
11AA. Collective investment scheme .
11B. Power to issue directions and levy penalty .
11C. Investigation .
11D. Cease and desist proceedings .
CHAPTER V REGISTRATION CERTIFICATE
- Registration of stock-brokers, sub-brokers, share transfer agents, etc.
CHAPTER VA PROHIBITION OF MANIPULATIVE AND DECEPTIVE DEVICES, INSIDER TRADING AND SUBSTANTIAL ACQUISITION OF SECURITIES OR CONTROL
12A. Prohibition of manipulative and deceptive devices, insider trading and substantial acquisition of securities or control .
CHAPTER VI FINANCE, ACCOUNTS AND AUDIT
SECTIONS
Grants by the Central Government .
Fund .
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 takeovers .
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 .
15-I. 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 APPELLATE TRIBUNAL
15K. Establishment of Securities Appellate Tribunals.
15L. Composition of Securities Appellate Tribunal
15M. Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal .
15MA. Amendment of Presiding Officer and Judicial Member.
15MB. Search-cum-Selection Committee for appointment of Technical Members.
15MC. Vacancy not to invalidate selection proceeding.
15N. Tenure of office of Presiding Officer and other Members of Securities Appellate Tribunal
15-O. 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.
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 Tribunals to be public servants.
15Y. Civil Court not to have jurisdiction.
15Z. Appeal to Supreme Court .
CHAPTER VII MISCELLANEOUS
Power of Central Government to issue directions.
Power of Central Government to supersede the Board.
Returns and reports.
Delegation.
Appeals.
20A. Bar of jurisdiction
Savings .
Members, officers and employees of the Board to be public servants .
Protection of action taken in good faith.
Offences.
24A. Composition of certain offences.
24B. Power to grant immunity.
Exemption from tax on wealth and income.
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.
Contravention by companies.
Omitted.
28A. Recovery of amounts.
28B. Continuance of proceedings.
28C. Powers of Board not to apply to International Financial Services Centre.
Power to make rules.
Power to make regulations.
Rules and regulations to be laid before Parliament .
Application of other laws not barred.
Repealed.
Power to remove difficulties.
34A. Validation of certain acts.
- Repeal and saving.
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