Securities and Exchange Board of India Act, 1992

Securities and Exchange Board of India Act, 1992
SECTIONS
CHAPTER I
PRELIMINARY

1. Short title, extent and commencement

2. Definitions

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

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

CHAPTER IV

POWERS AND FUNCTIONS OF THE BOARD

11. 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

11C. Investigation

11D. Cease and desist proceedings

CHAPTER V

REGISTRATION CERTIFICATE

12. 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

13. Grants by the Central Government

14. Fund

15. 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 by the Adjudicating Officer

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

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

15Q. Resignation and removal

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

Please refer to the attachment for details