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Section of SEBI Act |
Nature of amendment |
Effect of amendment |
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2(ha) |
Inserted |
Expression “Reserve Bank” used in the Act is defined. |
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4(1) |
Certain words substituted in clauses (b) and (c); and clause (d) substituted in sub-section (1) |
Under the existing provisions, the Securities and Exchange Board of India consists of (i) a Chairman; (ii) two members from amongst the officials of the Ministries of the Central Government dealing with Finance and Law; (iii) one member from amongst the officials of the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934; (iv) two other members, to be appointed by the Central Government. |
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The amendments to section 4 increases the numbers of ‘two other members’ at (iv) above to five and make other amendments of consequential nature. |
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4(4) |
Certain words substituted |
Amendments are consequential in nature. |
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11(2)(ia) |
Inserted |
Newly inserted clause (ia) of sub-section (2) empowers the Securities and Exchange Board of India to call for information and record from any bank or any other authority or board or corporation established or constituted by or under any Central, State or Provincial Act in respect of any transactions in securities which are under investigation or inquiry by the Board. |
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11(2A) |
Inserted |
Newly inserted sub-section (2A) empowers the Securities and Exchange Board of India to take measures to undertake inspection of any book, or register, or other document or record of any listed public company or a public company (not being intermediaries referred to in section 12) which intends to get its securities listed on any recognised stock exchange where the Board has reasonable grounds to believe that such company has been indulging in insider trading or fraudulent and unfair trade practices relating to securities market. |
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11(3) |
Certain words substituted and clauses (iv) and (v) inserted |
Sub-section (3) of the section 11 empowers the Securities and Exchange Board of India to exercise certain powers which are vested in a civil court under the Code of Civil Procedure, 1908 while trying a suit, in respect of the matters specified in that sub-section. Sub-section (3) is amended to include two more matters in respect of which the Board may exercise such powers. The matters in respect of which such powers may be exercised are inspection of any book, or register, or other document or record of the company referred to in the new sub-section (2A) and issuing commissions for the examination of witnesses or documents. |
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11(4) |
Inserted |
New sub-section (4) provides that the Board may, either pending investigation or inquiry or on completion of such investigation or inquiry, by an order, for reasons to be recorded in writing, in the interests of investors or securities market, take any of the measures specified in that sub-section. Such measures are, namely, to (a) suspend the trading of any security in a recognised stock exchange; (b) restrain persons from accessing the securities market and prohibit any person associated with securities market to buy, sell or deal in securities; (c) suspend any office-bearer of any stock exchange or self-regulatory organisation from holding such position; (d) impound and retain the proceeds or securities in respect of any transaction which is under investigation; (e) attach, after passing of an order on an application made for approval, by the Judicial Magistrate of the first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of the Act, or the rules or the regulations made thereunder. However only the bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of the Act, or the rules or the regulations made thereunder shall be allowed to be attached; (f) direct any intermediary or any person associated with the securities market in any manner not to dispose of or alienate an asset forming part of any transaction which is under investigation. |
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However the Board shall, either before or after passing such orders, give an opportunity of hearing to such intermediaries or persons concerned. |
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The powers mentioned at (d), (e) and (f) can be exercised in respect of any listed public company or a public company (other than intermediaries referred to in section 12 of the SEBI Act) which intends to get its securities listed on any recognised stock exchange where the Board has reasonable grounds to believe that such company has been indulging in insider trading or fraudulent and unfair trade practices relating to securities market. |
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11A |
Substituted |
The substituted section 11A provides that the Board may, for the protection of investors, (a) specify, by regulations the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies. This provision is as per existing provisions contained in section 11A; (b) prohibit, by general or special orders, any company from issuing of prospectus, any offer document, or advertisement soliciting money from the public for the issue of securities and specify the conditions subject to which the prospectus and such offer document or advertisement, if not prohibited, may be issued. These measures shall be without prejudice to the provisions of the Companies Act, 1956. |
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Further section 11A provides that the Board may, without prejudice to the provisions of section 21 of the Securities Contracts (Regulation) Act, 1956, specify the requirements for listing and transfer of securities and other matters incidental thereto. |
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11C and 11D |
Inserted |
The newly inserted section 11C contains provisions relating to investigation. |
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Sub-section (1) of the inserted section 11C provides that where the Securities and Exchange Board of India has reasonable ground to believe that the transactions in securities are being dealt with in a manner detrimental to the investors or the securities market; or any intermediary or any person associated with the securities market, has violated any of the provisions of the Act or the rules or the regulations made or directions issued by the Board thereunder, it may, at any time by order in writing, direct any person (hereafter in this section referred to as the Investigating Authority) specified in the order to investigate the affairs of such intermediary or persons associated with the securities market and to report thereon to the Board. |
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Sub-section (2) of new section 11C provides that, without prejudice to the provisions of sections 235 to 241 of the Companies Act, 1956, it shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary referred to in section 12 of the Act or every person associated with the securities market, to preserve and to produce to the Investigating Authority or any person authorised by him in this behalf, all the books, registers, other documents and record of, or relating to, the company or, as the case may be, of or relating to, the intermediary or such person, which are in their custody or power. |
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Sub-section (3) of section 11C provides that the Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by him in this behalf as he may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation. |
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Sub-section (4) provides that the Investigating Authority may keep in its custody any books, registers, other documents and record produced under sub-section (2) or sub-section (3) for six months and thereafter shall return the same to any intermediary or any person associated with securities market by whom or on whose behalf the books, registers, other documents and records are produced. However the Investigating Authority may call for any book, register, other document and record if they are needed again. However if the person on whose behalf the books, registers, other documents and records are produced requires certified copies of the books, registers, other documents and records produced before the Investigating Authority, it shall give certified copies of such books, registers, other documents and records to such person or on whose behalf the books, registers, other documents and records were produced. |
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Sub-section (5) of section 11C provides that any person, directed to make an investigation under sub-section (1), may examine on oath, any manager, managing director, officer and other employee of any intermediary or any person associated with securities market in any manner, in relation to the affairs of his business and may administer an oath accordingly and for that purpose may require any of those persons to appear before him personally. |
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Sub-section (6) of section 11C provides that if any person fails without reasonable cause or refuses (a) to produce to the Investigating Authority or any person authorised by him in this behalf any book, register, other document and record which it is his duty under sub-section (1) or sub-section (3) to produce; or (b) to furnish any information which it is his duty under sub-section (3) to furnish; or (c) to appear before the Investigating Authority personally when required to do so under sub-section (5) or to answer any question which is put to him by the Investigating Authority in pursuance of that sub-section; or (d) to sign the notes of any examination referred to in sub-section (7), he shall be punishable with imprisonment for a term which may extend to one year, or with fine, which may extend to one crore rupees or with both, and also with a further fine which may extend to five lakh rupees for every day after the first during which the failure or refusal continues. |
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Sub-section (7) of section 11C provides that notes of any examination under sub-section (5) shall be taken down in writing and shall be read over to, or by, and signed by, the person examined, and may there-after be used in evidence against him. |
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Sub-section (8) of section 11C provides that where in the course of investigation, the Investigating Authority has reasonable ground to believe that the books, registers, other documents and records of, or relating to, any intermediary or any person associated with securities market in any manner, may be destroyed, mutilated, altered, falsified or secreted, the Investigating Authority may make an application to the Judicial Magistrate of the first class having jurisdiction for an order for the seizure of such books, registers, other documents and records. |
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Sub-section (9) of section 11C provides that after considering the application and hearing the Investigating Authority, if necessary, the Magistrate may, by order, authorise the Investigating Authority (a) to enter, with such assistance, as may be required, the place or places where such books, registers, other documents and records are kept; (b) to search that place or those places in the manner specified in the order; and (c) to seize books, registers, other documents and records it considers necessary for the purposes of the investigation. |
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However the Magistrate shall not authorise seizure of books, registers, other documents and records, of any listed public company or a public company (not being the intermediaries specified under section 12) which intends to get its securities listed on any recognised stock exchange unless such company indulges in insider trading or market manipulation. |
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Sub-section (10) of section 11C provides that the Investigating Authority shall keep in its custody the books, registers, other documents and records seized under this section for such period not later than the conclusion of the investigation as it considers necessary and thereafter shall return the same to the company or the other body corporate, or, as the case may be, to the managing director or the manager or any other person, from whose custody or power they were seized and inform the Magistrate of such return. However the Investigating Authority may, before returning such books, registers, other documents and records as aforesaid, place identification marks on them or any part thereof. |
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Sub-section (11) of section 11C provides that every search or seizure made under this section save as otherwise provided in the section, shall be carried out in accordance with the provisions of the Code of Criminal Procedure, 1973 relating to searches or seizures made under that Code. |
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The newly inserted section 11D contains provisions relating to cease and desist proceedings. It provides that if the Board finds, after causing an inquiry to be made, that any person has violated, or is likely to violate, any provisions of the Act, or any rules or regulations made thereunder, it may pass an order requiring such person to cease and desist from committing or causing such violation. However, the Board shall not pass such order in respect of any listed public company or a public company (other than the intermediaries specified under section 12) which intends to get its securities listed on any recognised stock exchange unless the Board has reasonable grounds to believe that such company has ‘indulged in insider trading or market manipulation’. |
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12A ( |
Inserted |
The new section 12A inserted under the newly inserted |
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14(1)(aa) |
Omitted |
As new section 15JA is inserted to provide that all sums realised by way of penalties under the Act shall be credited to the Consolidated Fund of India, clause (aa) is omitted. The amendment is of consequential nature. |
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15A |
Certain words substituted in clauses (a), (b) and (c) |
Under the existing provisions, contained in clause (a) of section 15A, if any person, who is required under the Act or any rules or regulations made thereunder, to furnish any document, return or report to the Board, fails to furnish the same, he shall be liable to a penalty not exceeding one lakh and fifty thousand rupees for each such failure. |
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The amendments to section 15A(a) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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Under the existing provisions, contained in clause (b) of section 15A, if any person, who is required under the Act or any rules or regulations made thereunder, to file any return or furnish any information, books or other documents within the time specified therefor in the regulations, fails to file return or furnish the same within the time specified therefor in the regulations, he shall be liable to a penalty not exceeding five thousand rupees for every day during which such failure continues. |
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The amendments to section 15A(b) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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Under the existing provisions contained in clause (c) of section 15A if any person, who is required under the Act or any rules or regulations made thereunder, to maintain books of account or records, fails to maintain the same, he shall be liable to a penalty not exceeding ten thousand rupees for every day during which the failure continues. |
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The amendments to section 15A(c) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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15B |
Certain words substituted |
Under the existing provisions contained in section 15B, if any person who is required under the Act or any rules or regulations made there-under, to enter into an agreement with his client, fails to enter into such agreement, he shall be liable to a penalty not exceeding five lakh rupees for every such failure. |
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The amendments to section 15B enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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15C |
Substituted |
Under the existing provisions, contained in section 15C if any person, who is registered as an intermediary, after having been called upon by the Securities and Exchange Board of India in writing to redress the grievances of investors, fails to redress such grievances, he shall be liable to a penalty not exceeding ten thousand rupees for each such failure. |
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Newly substituted section 15C provides that if any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing, to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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15D |
Certain words substituted in clauses (a) to (f) |
Under the existing provisions, contained in clause (a) of section 15D if any person, who is required under the Act or any rules or regulations made thereunder, to obtain a certificate of registration from the Securities and Exchange Board of India for sponsoring or carrying on any collective investment scheme, including mutual funds, sponsors, or carries on any collective investment scheme, including mutual funds, without obtaining such certificate of registration, he shall be liable to a penalty not exceeding ten thousand rupees for each day during which he carries on any such collective investment scheme, including mutual funds, or ten lakh rupees, whichever is higher. |
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The amendments to section 15D(a) enhances the penalty to one lakh rupees for each day during which he sponsors or carries on any collective investment scheme, including mutual funds, or one crore rupees, whichever is less. |
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Under the existing provisions, contained in clause (b) of section 15D if any person, who is required under the Act or any rules or regulations made thereunder, registered with the Board as a collective investment scheme, including mutual funds, for sponsoring or carrying on any investment scheme, fails to comply with the terms and conditions of certificate of registration, he shall be liable to a penalty not exceeding ten thousand rupees for each day during which such failure continues or ten lakh rupees, whichever is higher. |
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The amendments to section 15D(b) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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Under the existing provisions, contained in clause (c) of section 15D if any person, who is required under the Act or any rules or regulations made thereunder, registered with the Board as a collective investment scheme, including mutual funds, fails to make an application for listing of its schemes as provided for in the regulations governing such listing, he shall be liable to a penalty not exceeding five thousand rupees for each day during which such failure continues or five lakh rupees, whichever is higher. |
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The amendments to section 15D(c) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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Under the existing provisions, contained in clause (d) of section 15D if any person, who is required under the Act or any rules or regulations made thereunder, registered as a collective investment scheme, including mutual funds, fails to despatch unit certificates of any scheme in the manner provided in the regulations governing such despatch, he shall be liable to a penalty not exceeding one thousand rupees for each day during which such failure continues. |
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The amendments to section 15D(d) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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Under the existing provisions, contained in clause (e) of section 15D if any person, who is required under the Act or any rules or regulations made thereunder, registered as collective investment scheme, including mutual funds, fails to refund the application monies paid by the investors within the period specified in the regulations, he shall be liable to a penalty not exceeding one thousand rupees for each day during which such failure continues. |
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The amendments to section 15D(e) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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Under the existing provisions, contained in clause (f) of section 15D if any person, who is required under the Act or any rules or regulations made thereunder, registered as a collective investment scheme, including mutual funds, fails to invest money collected by such collective investment scheme in the manner or within the period specified in the regulations, he shall be liable to a penalty not exceeding five lakh rupees for each such failure. |
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The amendments to section 15D(f) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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15E |
Certain words substituted |
Under the existing provisions of section 15E, in case any asset management company of a mutual fund registered under the Act fails to comply with any of the regulations providing for restrictions on the activities of the asset management companies, such asset management company shall be liable to a penalty not exceeding five lakh rupees for each such failure. |
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The amendments to section 15E enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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15F |
Certain words substituted in clauses (b) and (c) |
Under the existing provisions, contained in clause (b) of section 15F if any person, who is registered as a stock broker under the Act, fails to deliver any security or fails to make payment of the amount due to the investor in the manner within the period specified in the regulations, he shall be liable to a penalty not exceeding five thousand rupees for each day during which such failure continues. |
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The amendments to section 15F(b) enhances the penalty to one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
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Under the existing provisions, contained in clause (c) of section 15F if any person, who is registered as a stock broker under the Act, charges an amount of brokerage which is in excess of the brokerage specified in the regulations, he shall be liable to a penalty not exceeding five thousand rupees or five times the amount of brokerage charged in excess of the specified brokerage, whichever is higher. |
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The amendments to section 15F(c) enhances the amount of penalty from five thousand rupees to one lakh rupees. After the amendment he shall be liable to a penalty of one lakh rupees or five times the amount of brokerage charged in excess of the specified brokerage; whichever is higher. |
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15G |
Certain words substituted |
Under the existing provisions of section 15G, any insider is liable to a penalty not exceeding five lakh rupees if he (i) either on his own behalf or on behalf of any other person, deals in securities of a body corporate listed on any stock exchange on the basis of any unpublished price sensitive information; or (ii) communicates any unpublished price sensitive information to any person, with or without his request for such information except as required in the ordinary course of business or under any law; or (iii) counsels, or procures for any other person to deal in any securities of any body corporate on the basis of unpublished price sensitive information. |
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The amendments to section 15G enhances the penalty to twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher. |
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15H |
Clauses (iii) and (iv) inserted and certain words substituted |
Under the existing provisions of section 15H, if any person, who is required under the Act or any rules or regulations made thereunder, fails to (i) disclose the aggregate of his shareholding in the body corporate before he acquires any shares of that body corporate; or (ii) make a public announcement to acquire shares at a minimum price, he shall be liable to a penalty not exceeding five lakh rupees. |
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Newly inserted clauses (iii) and (iv) in section 15H provides that if any person, who is required under the Act or any rules or regulations made thereunder, fails to (a) make a public offer by sending letter of offer to the shareholders of the concerned company; or (b) make payment of consideration to the shareholders who sold their shares pursuant to letter of offer, he shall be liable to the penalty specified in the aforesaid section. |
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Further amendments to section 15H enhances the penalty specified in section 15H to twenty-five crore rupees or three times the amount of profits made out of such failure, whichever is higher. |
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15HA and 15HB |
Inserted |
The newly inserted section 15HA contains provisions relating to penalty for fraudulent and unfair trade practices. It provides that if any person indulges in fraudulent and unfair trade practices relating to securities, he shall be liable to a penalty of twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher. |
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The newly inserted section 15HB contains provisions relating to penalty for contravention where no separate penalty has been provided. It provides that whoever fails to comply with any provision of the Act, the rules or the regulations made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be liable to a penalty which may extend to one crore rupees. |
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15-I |
Certain words substituted in sub-section (1) |
The amendments are of consequential nature. |
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15JA |
Inserted |
Newly inserted section 15JA provides that all sums realised by way of penalties shall be credited to the Consolidated Fund of India |
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15L and 15M |
Substituted |
Under the existing provisions of section 15L, a Securities Appellate Tribunal consists of one person only. |
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The newly inserted section 15L contains provisions relating to composition of Securities Appellate Tribunal. It provides that a Securities Appellate Tribunal shall consist of a Presiding Officer and two other Members, to be appointed, by notification, by the Central Government. It further provides that the Securities Appellate Tribunal, consisting of one person only, established, before the commencement of the Securities and Exchange Board of India (Amendment) Act, 2002, shall continue to exercise the jurisdiction, powers and authority conferred on it by or under the Act or any other law for the time being in force till two other Members of the Securities Appellate Tribunal are appointed under this section. |
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Under the existing provisions of section 15M, a person is not qualified for appointment as the Presiding Officer of a Securities Appellate Tribunal unless he is, or has been, or is qualified to be, a Judge of a High Court; or has been a member of the Indian Legal Service and has held a post in Grade I of that Service for at least three years; or has held office as the Presiding Officer of a Tribunal for at least three years. |
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Sub-section (1) of the new section 15M provides that a person shall not be qualified for appointment as the Presiding Officer of a Securities Appellate Tribunal unless he is a sitting or retired Judge of the Supreme Court or a sitting or retired Chief Justice of a High Court. It further provides that the Presiding Officer of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee. |
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Sub-section (2) of section 15M provides that a person shall not be qualified for appointment as Member of a Securities Appellate Tribunal unless he is a person of ability, integrity and standing who has shown capacity in dealing with problems relating to securities market and has qualification and experience of corporate law, securities laws, finance, economics or accountancy. It further provides that a member of the Board or any person holding a post at senior management level equivalent to Executive Director in the Board shall not be appointed as Presiding Officer or Member of a Securities Appellate Tribunal during his service or tenure as such with the Board or within two years from the date on which he ceases to hold office as such in the Board. |
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15N |
Substituted |
Under the existing provisions of section 15N, the Presiding Officer of a Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office or until he attains the age of sixty-five years, whichever is earlier. |
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The newly substituted section 15N provides for tenure of office of Presiding Officer and other Members. It provides that the Presiding Officer and every other Member of a Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for re-appointment. It further provides that no person shall hold office as the Presiding Officer of the Securities Appellate Tribunal after he has attained the age of sixty‑eight years and no person shall hold office as a Member of the Securities Appellate Tribunal after he has attained the age of sixty-two years. |
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15-O |
Certain words substituted |
The amendments are of consequential nature. |
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15P |
Certain words substituted |
The amendments are of consequential nature. |
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15Q |
Certain words substituted in sub-sections (1), (2) and (3) |
The amendment is of consequential nature. |
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15R |
Certain words substituted |
The amendment is of consequential nature. |
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15X |
Substituted |
The amendment is of consequential nature. |
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15Z |
Substituted |
The newly substituted section 15Z provides for appeal to the Supreme Court instead of High Court provided under the existing provisions. |
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24 |
Certain words substituted in sub-sections (1) and (2) |
Sub-section (1) of section 24 provides that if any person contravenes or attempts to contravene or abets the contravention of the provisions of the Act or of any rules or regulations made thereunder, he shall, without prejudice to any award of penalty by the Adjudicating Officer under the Act, be punishable with imprisonment for a term which may extend to one year, or with fine, or with both. |
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The amendments to section 24(1) increases the punishment to ten years, or with fine, which may extend to twenty-five crore rupees or with both. |
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Sub-section (2) of section 24 provides that if any person fails to pay the penalty imposed by the Adjudicating Officer or fails to comply with any of his directions or orders, he shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to three years or with fine which shall not be less than two thousand rupees but which may extend to ten thousand rupees or with both. |
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The amendments to section 24(2) increases the punishment to ten years or with fine, which may extend to twenty-five crore rupees or with both. |
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24A and 24B |
Inserted |
The newly inserted section 24A contains provision for composition of certain offences. It provides that any offence punishable under the Act, not being an offence punishable with imprisonment only, or with impri-sonment and also with fine, may notwithstanding anything contained in the Code of Criminal Procedure, 1973, either before or after the institution of any proceeding, be compounded by a Securities Appellate Tribunal or a court before which such proceedings are pending. |
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The newly inserted section 24B confers power upon the Central Government to grant immunity. |
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Sub-section (1) of section 24B provides that the Central Government may, on recommendation by the Board, if it is satisfied, that any person, who is alleged to have violated any of the provisions of the Act or the rules or regulations made thereunder, has made a full and true disclosure in respect of the alleged violation, grant to such person, subject to such conditions as it may think fit to impose, immunity from prosecution for any offence under the Act, or the rules or regulations made thereunder or also from the imposition of any penalty under the Act with respect to the alleged violation. It further provides that no such immunity shall be granted by the Central Government in cases where the proceedings for the prosecution for any such offence have been instituted before the date of receipt of application for grant of such immunity. However the recommendation of the Board under this sub-section shall not be binding on the Central Government. |
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Sub-section (2) of section 24B provides that an immunity granted to a person under sub-section (1) may, at any time, be withdrawn by the Central Government, if it is satisfied that such person had, in the course of the proceedings, not complied with the condition on which the immunity was granted or had given false evidence, and thereupon such person may be tried for the offence with respect to which the immunity was granted or for any other offence of which he appears to have been guilty in connection with the contravention and shall also become liable to the imposition of any penalty under the Act to which such person would have been liable, had not such immunity been granted. |
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26 |
Certain words substituted in sub-section (2) |
Under the existing provisions of section 26, no court shall take cognizance of any offence punishable under the Act or any rules or regulations made thereunder, save on a complaint made by the Board and no court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under the Act. |
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The amendments to section 26 provides that no court inferior to that of a Court of Session shall try any offence punishable under the Act. |
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29(2) |
Certain words substituted in clauses (db) and (dc) |
The amendment is of consequential nature. |