Securities and Exchange Board
of India Act, 1992

Arrangement of Sections



Chapter I


            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

            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

            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

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

Chapter VII


            16.       Power of Central Government to issue directions

            17.       Power of Central Government to supersede the Board

            18.       Returns and reports

            19.       Delegation

            20.       Appeals

            20A.    Bar of jurisdiction

            21.       Savings

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

            23.       Protection of action taken in good faith

            24.       Offences

            24A.    Composition of certain offences

            24B.    Power to grant immunity

            25.       Exemption from tax on wealth and income

            26.       Cognizance of offences by Courts

            27.       Offences by companies

            28.       [Omitted by the Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995]

            29.       Power to make rules

            30.       Power to make regulations

            31.       Rules and regulations to be laid before Parliament

            32.       Application of other laws not barred

            33.       [Repealed by Repealing & Amending Act, 2001]

            34.       Power to remove difficulties

            35.       Repeal and saving

THE SCHEDULE [Repealed by Repealing & Amending Act, 2001]