The Securities and Exchange Board of India (SEBI) Act 1992

The Securities and Exchange Board of India (SEBI) Act 1992

103

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1 Inserted, by SEBI (Amdt.) Act, 2002, w,e.f. 29-10-2002.

Section 15 K. Establishment of Securities Appellate Tribunals

(1) The Central Government shall, by notification, establish one or more Appellate Tribunals to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on such Tribunal by or under this Act 1[or any other law for the time being in force).

(2) The Central Government shall also specify in the notification referred to in sub-section (1) the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.

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1 Inserted by Securities Laws (IInd Amendment) Act, 1999.

Section 15 L. Composition of Securities Appellate Tribunal

1[Composition of Securities Appellate Tribunal. A Securities Appellate Tribunal shall consist of a Presiding Officer and two other members, to be appointed, by notification, by the Central Government:

PROVIDED 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 this Act or any other law for the time being in force till two other Members are appointed under this section.

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1 Substituted by SEBI (Amdt.) Act 2002, w.e.1.29-10-2002.

Section 15 M. Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal

(1) 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:

PROVIDED 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.

(2) 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:

PROVIDED 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.

Section 15 N. Tenure of office of Presiding Officer and other Members of Securities Appellate Tribunal

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:

PROVIDED 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:

PROVIDED FURTHER that no person shall hold officer as a Member of the Securities Appellate Tribunal after he has attained the age of sixty-two years.]

Section 15 O. Salary and allowances and other terms and conditions of service of Presiding Officers

The salary and allowances payable to and the other terms and conditions of service (including pension, gratuity and other retirement benefits) of, 1[Presiding Officer and other Members of a Securities Appellate Tribunal] shall be such as may be prescribed:

PROVIDED that neither the salary and allowances nor the other terms and conditions of service of the 1Presiding Officer and other Members of a Securities Appellate Tribunal] shall be varied to their disadvantage after appointment.

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1 Substituted by SEBI (Amdt.) Act 2002, w.e.1.29-10-2002.

Section 15 P. Filling up of vacancies

If, for reason other than temporary absence, any vacancy occurs in 1[the office of the Presiding Officer or any other Member] of a Securities Appellate Tribunal, then the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Securities Appellate Tribunal from the stage at which the vacancy is filled.

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1 Substituted vide SEBI (Amdt.) Act 2002, w.e.f. 29-10-2002.

Section 15 Q. Resignation and removal

(1) 1[The Presiding Officer or any other Member of a Securities Appellate Tribunal] may, by notice in writing under his hand addressed to the Central Government, resign his office:

PROVIDED that 1[the Presiding Officer or any other Member] shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is the earliest.

(2) The 1[Presiding Officer or any other Member] of a Securities Appellate Tribunal shall not be removed from his office except by an order by the Central Government on the ground of proved misbehaviour or incapacity after an inquiry made by a Judge of the Supreme Court, in which the 1[Presiding Officer or any other Member]concerned has been informed of the charges against him and given a reasonable opportunity of being heard in respect of these charges.

(3) The Central Government may, by rules, regulate the procedure for the investigation of misbehaviour or incapacity of 1[the Presiding Officer or any other Member].

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1 Substituted vide SEBI (Amdt.) Act 2002, w.e.f. 29-10-2002.

Section 15 R. Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings

No order of the Central Government appointing any person as the 1[Presiding Officer or a Member] of a Securities Appellate Tribunal shall be called in question in any manner, and no act or proceeding before a Securities Appellate Tribunal shall be called in question in any manner on the ground merely of any defect in the constitution of a Securities Appellate Tribunal. 15S. Staff of the Securities Appellate Tribunal

(1) The Central Government shall provide the Securities Appellate Tribunal with such officers and employees as that government may think fit.

(2) The officers and employees of the Securities Appellate Tribunal shall discharge their functions under general superintendence of the Presiding Officer.

(3) The salaries and allowances and other conditions of service of the officers and employees of the Securities Appellate Tribunal shall be such as may be prescribed.

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1 Substituted vide SEBI (Amdt.) Act 2002, w.e.f. 29-10-2002.

Section 15 T. Appeal to the Securities Appellate Tribunal

1[(1) Save as provided in sub-section (2), any person aggrieved,—

(a) By an order of the Board made, on and after the commencement of the Securities Laws (IInd Amendment) Act, 1999, under this Act, or the rules or regulations made thereunder; or

(b) By an order made by an Adjudicating Officer under this Act, may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter.

(2) No appeal shall lie to the Securities Appellate Tribunal from an order made—

(a) By the Board on and after the commencement of the Securities Laws (IInd Amendment) Act, 1999;

(b) By an Adjudicating Officer, with the consent of the parties.]

(3) Every appeal under sub-section (1) shall be filed within a period of 45 days from the date on which 2[a copy of the order made by the Board or the Adjudicating Officer, as the case may be] is received by him and it shall be in such form and be accompanied by such fee as may be prescribed:

PROVIDED that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of 45 days if it is satisfied that there was sufficient cause for not filing it within that period.

(4) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving the parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against.

(5) The Securities Appellate Tribunal shall send a copy of every order made by it to the 3[Board, the parties] to the appeal and to the concerned Adjudicating Officer.

(6) The appeal filed before the Securities Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal.

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1 Sub-ss. (1) and (2) substituted by Securities Laws (Ilnd Amendment) Act, 1999.

2 Substituted for “a copy of order made by adjudicating officer” by Securities Laws (IInd Amdt) Act, 1999.

3 Substituted for “parties’ by Securities Laws (Ilnd Amendment) Act, 1999.

Section 15 U. Procedure and powers of the Securities Appellate Tribunal

(1) The Securities Appellate Tribunal shall not be bound by the procedure laid down by the Code of Civil Procedure, 1908 (5 of 1908), but shall be guided by the principles of natural justice and, subject to the other provisions of this Act, and of any rules, the Securities Appellate Tribunal shall have powers to regulate their own procedure including the places at which they shall have their sittings.

(2) The Securities Appellate Tribunal shall have, for the purposes of discharging their functions under this Act, the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:—

(a) Summoning and enforcing the attendance of any person and examining him on oath;

(b) Requiring the discovery and production of documents;

(c) Receiving evidence on affidavits;

(d) Issuing commissions for the examination of witnesses or documents;

(e) Reviewing its decisions;

(f) Dismissing an application for default or deciding it ex-parte;

(g) Setting aside any order of dismissal of any application for default or any order passed by it ex-parte;

(h) Any other matter which may be prescribed.

(3) Every proceeding before the Securities Appellate Tribunal shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purposes of section 196 of the Indian Penal Code (45 of 1860), and the Securities Appellate Tribunal shall be deemed to be a civil court for all the purposes of section 195 and Chapter XXVI of the Code of Criminal Procedure, 1973 (2 of 1974).

Section 15 V. Right to legal representation

1[Right to legal representation. The appellant may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any of its officers to present his or its case before the Securities Appellate Tribunal.

Explanation : For the purposes of this section,—

(a) “Chartered accountant” means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

(b) “Company secretary” means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

(c) “Cost accountant” means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

(d) “Legal practitioner” means an advocate, vakil or an attorney of any High Court, and includes a pleader in practice.]

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1 Substituted by Securities Laws (IInd Amendment) Act, 1999.

Section 15 X. Presiding Officer, Members and staff of Securities Appellate Tribunals to be public servants

1[Presiding Officer, Members and staff of Securities Appellate Tribunals to be public servants. The Presiding Officer, Members and other officers and employees of a Securities Appellate Tribunal shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code.]

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1 Substituted vide SEBI (Amdt.) Act, 2002, w.e.f. 29-10-2002.

Section 15 Y. Civil court not to have jurisdiction

No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which an adjudicating officer appointed under this Act or a Securities Appellate Tribunal constituted under this Act is empowered by or under this Act to determine 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 power conferred by or under this Act.

Section 15 Z. Appeal to Supreme Court

1[Appeal to Supreme Court. Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within sixty days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any question of law arising out of such order:

PROVIDED that the Supreme Court may, if it is satisfied that the applicant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding sixty days.]

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1 Substituted vide SEBI (Amdt.) Act, 2002, w.e.f. 29-10-2002.

Section 16. Power of Central Government to issue directions

(1) Without prejudice to the foregoing provisions of this Act 1[or the Depositories Act, 1996], the Board shall, in exercise of its powers or the performance of its functions under this Act, be bound by such directions on questions of policy as the Central Government may give in writing to it from time to time:

PROVIDED that the Board shall, as far as practicable, be given an opportunity to express its views before any direction is given under this sub-section.

(2) The decision of the Central Government whether a question is one of policy or not shall be final.

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1 Inserted by the Depositories Act, 1996, w.e.f. 20-9-1995.

Section 17. Power of Central Government to supersede the Board

(1) If at any time the Central Government is of opinion—

(a) That on account of grave emergency, the Board is unable to discharge the functions and duties imposed on it by or under the provisions of this Act; or

(b) That the Board has persistently made default in complying with any direction issued by the Central Government under this Act or in the discharge of the functions and duties imposed on it by or under the provisions of this Act and as a result of such default the financial position of the Board or the administration of the Board has deteriorated; or

(c) That circumstances exist which render it necessary in the public interest so to do, the Central Government may, by notification, supersede the Board for such period, not exceeding six months, as may be specified in the notification.

(2) Upon the publication of a notification under sub-section (1) superseding the Board—

(a) All the members shall, as from the date of supersession, vacate their offices as such;

(b) All the powers, functions and duties which may, by or under the provisions of this Act, be exercised or discharged by or on behalf of the Board, shall until the Board is reconstituted under sub-section (3), be exercised and discharged by such person or persons as the Central Government may direct; and

(c) All property owned or controlled by the Board shall, until the Board is reconstituted under sub-section

(3), vest in the Central Government. “‘ (3) On the expiration of the period of supersession specified in the notification issued under sub-section (1), the Central Government may reconstitute the Board by a fresh appointment and in such case any person or persons who vacated their offices under clause (a) of sub-section (2), shall not be deemed disqualified for appointment:

PROVIDED that the Central Government may, at any time, before the expiration of the period of supersession, take action under this sub-section.

(4) The Central Government shall cause a notification issued under sub-section (10 and a full report of any action under this section and the circumstances leading to such action to be laid before each House of Parliament at the earliest.

Section 18. Returns and reports

(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 program for the promotion and development the securities market, as the Central Government may, from time to time, require.

(2) Without prejudice to the provision 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.

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1. Substituted by the Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995, for “sixty days”.

Section 19. Delegation

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.

Section 20. Appeals

(1) Any person aggrieved by 1[an order of the Board made under this Act, or the rules or regulations made thereunder may prefer an appeal to the Central Government within such time as may be prescribed.

(2) N o appeal shall be admitted if it is preferred after the expire of the period prescribed therefor: Provided that an appeal may be admitted after the expire 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 peruse.

(3) Every appeal made under this section shall be made in such form and 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.

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1. Substituted for “an order of the Board made” by Securities Laws (IInd Amdt.) Act, 1999.

Section 20 A. Bar of jurisdiction

1[Bar of jurisdiction. No order passed by the 2[Board or the adjudicating officer] under this Act shall be appealable except as provided in 3[section 15T or section 20] and no civil court shall have jurisdiction in respect of any matter which the 4[Board or the adjudication officer] is empowered buy, 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 5[Board or the adjudicating officer] by, or under this Act.]

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1. Inserted by the Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995.

2. Substituted for “Board” by Securitised Laws (IInd Amendment) Act, 1999.

3. Substituted for “section 20” by Securitised Laws (IInd Amendment) Act, 1999.

4. Substituted for “Board “by Securities Laws (IInd Amendment) Act, 1999.

5. Inserted by the Securitises Laws (Amendment) Act, 1995, w.e.f. 25-1-1995.

Section 21. Savings

Nothing in this Act shall exempt any person from any suit or other proceedings which might, apart from this Act, be brought against him.

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

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).

Section 23. Protection of action taken in good faith

No suit, prosecution or other legal proceedings shall lie against the Central Government 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 thereunder.

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1 Inserted by the Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995.

Section 24. Penalty

1[Penalty. (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 thereunder, he shall be punishable with imprisonment for a term which may extend to 2[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.]

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1 Substituted, Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995.

2 Substituted for “one year, or with fine, or with both” vide SEBI (Amdt.) Act 2002, w.e.f. 29-10-2002.

3 Substituted for “three years or with fine which shall not be….. with both” vide SEBI (Amdt.) Act 2002, w.e.f. 29-10-2002.

Section 24 A. Composition of certain offences

1[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.

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1 Inserted, vide SEBI (Amdt.) Act 2002, w.e.f. 29-10-2002.

Section 24 B. 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 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 this Act, or the rules or the regulations made thereunder 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 on 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.]

Section 25. Exemption from tax on wealth and income

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.

Section 26. Cognisance of offences by courts

(1) No court shall take cognisance of any offence punishable under this Act or any rules or regulations made thereunder, save on a complaint made by the Board. 1[* * *]

(2) No court inferior to that of 2[a Court of Session] shall try any offence punishable under this Act.

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1 Words “with the previous sanction of the Central Government” omitted by the Securities Laws Amendment) Act, 1995, w.e.f. 25-1-1995.

2 Substituted for “a Metropolitan Magistrate or a Judicial Magistrate of the first class”, by SEBI (Amdt.) Actr 2002, w.e.f. 29-10-2002.

Section 27. Offences by companies

(1) Where an offence under this Act has been committed by a company, every: person who at the time the offence was committed was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:

PROVIDED that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.

(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such

Section 28. Power to exempt

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

Section 29. Power to make rules

(1) The Central Government may be notification, make rules for carrying out the purposes of this Act

In particular and without prejudice to the generality of the foregoing power such rules and may provide for all or any of the following matters namely:-

(a) The term of office and other conditions of service of the Chairman and the members under sub-section (1) of section 5;

(b) The additional functions that may be performed by the Board under section 11;

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

(d) The manner in which the account of the Board shall be maintained under section 15;

1[(da) The manner of inquiry under sub-section (1) of section 15-1;

(db) The salaries and allowances and other terms and conditions of service of the 2[Presiding Officers, Members] and other officers and employees of the Securities Appellate Tribunal under section 15-O and sub-section (3) of section 15S;

(dc) The procedure for the investigation of misbehaviour or incapacity of the 2[Presiding Officers, or other Members] of the Securities Appellate Tribunal under sub-section (3) of section 15Q;

(dd) The form in which an appeal may be filed before the Securities Appellate Tribunal under section 15T and the fees payable in respect of such appeal;]

(e) The form and the manner in which returns and report to be made to the Central Government under section 18;

(f) Any other matter which is to be, or maybe, prescribed, or in respect of which provision is to be, or may be, made by rules.

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1 Inserted by the Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995.

2 Substituted for “Presiding Officers” vide SEBI (Amdt.) Ad 2002, w.e.f. 29-10-2002

Section 30. Power to make regulations

(1) The Board may, 1[* * *] by notification, make regulations consistent with this Act and the rules made thereunder to carry out the purposes of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely: —

(a) The times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business;

(b) The terms and other conditions of service of officers and employees of the Board under sub-section (2) of section 9;

[(c) 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 under section 11A;

(d) The conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12.]

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1 Words “with the previous approval of the Central Government” omitted by the Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995.

2 Substituted by the Securities Laws {Amendment) Act, 1995, w.e.f. 25-1-1995.

Section 31. Rules and regulations to be laid before Parliament

Every rule and every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.

Section 32. Application of other laws not barred

The provisions of this Act shall be in addition to and not in derogation of the provisions of any other law for the time being in force.

Section 33. Amendment of certain enactments

(1) [Omitted by Repealing and Amending Act, 2001]

Section 34. Power to remove difficulties

(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette make such provisions not inconsistent with the provision of this Act as many appear to be necessary for removing the difficulty:

Provided that no order shall be made under this section after the expire of five years from the commencement of this Act.

(2) Every order made under this section shall be laid as soon as may be after it is made, before each House of Parliament.

Section 35. Repeal and saving

(1) The Securities and Exchange Board of India Ordinance, 2002 (Ordinance 6 of 2002) is hereby repealed.

(2) Notwithstanding such repeal of the Securities and Exchange Board of India (Amendment) Ordinance, 2002, anything done or any action taken under the said Ordinance shall be deemed to have done or taken under the principal Act, as amended by this Act.

Schedule

[Section 33]

AMENDMENT OF CERTAIN ENACTMENTS

[Omitted by Repealing ad Amending Act, 2001]

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