THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
Title : THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
Year : 1992
(1) The Board shall furnish to the Central Government at such time and in such form and manner as may be prescribed or as the Central Government may direct, such returns and statements and such particulars in regard to any proposed or existing programme for the promotion and development of the securities market, as the Central Government may, from time to time, require.
(2) Without prejudice to the provisions of sub-section (1), the Board shall, within 1*[ninety days] after the end of each financial year, submit to the Central Government a report in such form, as may be prescribed, giving a true and full account of its activities, policy and programmes during the previous financial year.
(3) A copy of the report received under sub-section (2) shall be laid, as soon as may be after it is received, before each House of Parliament.
The Board may, by general or special order in writing delegate to any member, officer of the Board or any other person subject to such conditions, if any, as may be specified in the order, such of its powers and functions under this Act (except the powers under section 29) as it may deem necessary.
(1) Any person aggrieved by 1*[an order of the Board made, before the commencement of the Securities Laws (Second Amendment) Act, 1999,] under this Act, or the rules or regulations made there under may prefer an appeal to the Central Government within such time as may be prescribed.
(2) No appeal shall be admitted if it is preferred after the expiry of the period prescribed therefor:
Provided that an appeal may be admitted after the expiry of the period prescribed therefor if the appellant satisfies the Central Government that he had sufficient cause for not preferring the appeal within the prescribed period.
(3) Every appeal made under this section shall be made in such form and shall be accompanied by a copy of the order appealed against and by such fees as may be prescribed.
(4) The procedure for disposing of an appeal shall be such as may be prescribed:
Provided that before disposing of an appeal, the appellant shall be given a reasonable opportunity of being heard.
20A - 2*Bar of jurisdiction
No order passed by the 3*[Board or the adjudicating officer] under this Act shall be appealable except as provided in 1*[section 15T or section 20] and no civil court shall have jurisdiction in respect of any matter which the 3*[Board or the adjudicating officer] is empowered by, or under, this Act to pass any order and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any order passed by the 3*[Board or the adjudicating officer] by, or under this Act.]
Nothing in this Act shall exempt any person from any suit or other proceedings which might, apart from this Act, be brought against him.
All members, officers and other employees of the Board shall be deemed, when acting or purporting to act in pursuance of any of the provisions of this Act, to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860).
No suit, prosecution or other legal proceedings shall lie against the Central Government1*[or Board] or any officer of the Central Government or any member, officer or other employee of the Board for anything which is in good faith done or intended to be done under this Act or the rules or regulations made there under.
(1) Without prejudice to any award of penalty by the adjudicating officer under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations made there under, he shall be punishable with imprisonment for a term which may extend to2*[ten years, or with fine, which may extend to twenty-five crore rupees or with both].
(2) 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 3*[ten years or with fine, which may extend to twenty-five crore rupees or with both].]
24A - 4*Composition of certain offences
Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), any offence punishable under this Act, not being an offence punishable with imprisonment only, or with imprisonment and also with fine, may 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.
24B - 4*Power to grant immunity
(1) The Central Government may, on recommendation by the Board, if the Central Government is satisfied, that any person, who is alleged to have violated any of the provisions of this Act or the rules or the regulations made there under, 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 this Act, or the rules or the regulations made there under or also from the imposition of any penalty under this Act with respect to the alleged violation: Provided 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:
Provided further that recommendation of the Board under this sub-section shall not be binding upon the Central Government.
(2) 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 this Act to which such person would have been liable, had not such immunity been granted.]
1.Substituted by Act 9 of 1995, section 13, for section 24(w.r.e.f. 25-1-1995).
2.Substituted by Act 59 of 2002, section 28, for "one year, or with fine, or with both"(w.r.e.f. 29-10-2002).
by Act 59 of 2002, section 28, for "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."(w.r.e.f. 29-10-2002).
4.Inserted by Act 59 of 2002, section 29(w.r.e.f. 29-10-2002).
Notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957), the Income-tax Act, 1961 (43 of 1961), or any other enactment for the time being in force relating to tax on wealth, income, profits or gains-
(a) The Board;
(b) The existing Securities and Exchange Board from the date of its constitution to the date of establishment of the Board, shall not be liable to pay wealth-tax, income-tax or any other tax in respect of their wealth income, profits or gains derived.
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