CHANGE BUATW Ur gard: wall at the legislation in this re ¢ did not have proper There was a need to on the one 152 - it was felt ths wrative in India. and the adminis a fair deal and t gencie’ to investors er trad he market pricing, etc rales, e vemure opal EO fe, the Government of India, through a resolutior Board to promote a healthy ‘and growth oriented securities market bas witnessed @ tremendous growth in recall cipation of the public. The Governmeil can be sustained largerly by) securities market in different laws @ expertise (0 ensure jenture regulate 4 In view of the abov Securities and Exchange The capital m larly by the increasing P™ “ein the capil the country characterised particul i tal market the Government decided 10 vest the confid matters relating to capital m felt chat the investor's With this end in view, effectively with various 1 BOARD OF INDIA ACT, 1992 investor's protection. sratutory powers required SECURITIES AND EXCHANGE ance on January 30, 1992 for giving statutory as Act No. 15 of 1992 to de The Government issued an ordini SEBI. This Act was passed by the Parliament aasent of the Parliament on 4th April, 1992. Further, on May 29, 199 jsurd an ordinance abolishing the Capital Issues Control Act, 1947. supersedes the verious guidelines issued by the CCT from time 10 time, hhas been set up under the SEBI Act, 1992 PURPOSE OF THE SEBI ACT The purpose of the SEBI Act is to provide for the establishment Board Sceurties and Exchange Board of India. The purpose of the Board as laid dow preamble is as below (@ to protect the interests of im (ii) t promote the development of the securities market ; s market ; and sstors in securities ; (iii) 0 regulate the securit (iv) for matters connected therewith or incidental thereto. THE MANAGEMENT OF THE BOARD 1, Formation of the Board. As per section 4 of the SEBI Ac en : Act, 1992 as amend i paren nded by the Securitie: chang endment) Act, 2002, the Board shall consist of the f ps eee the following members, ns (6) two members from a ‘mem imongst the officials of the , ote re Finance and administration ine cians i ee a ce & r a mongst the officials of the Reserve B: ae ier members of whom at | = . least tt sha i : erste Wee Cae ae ee three shall be the whole time members Chairman and members ref i J c 15 referred Central Government 3 one en cornet and the members referred to in eeu, ae went and the Resetve Bank respectively. The oe a ae ; E in and other member:1 the ment also EBI HANGE BOARD OF inn, integrity ang Standing wig have sty Pat St Have special kee” EY, administration or in an shall be useful to the Board. Pacity in deny iWedge Or expericn YY other disciph OF the affairs ofthe Bog which tay be exercised Owers Of the Board, exe of Office and Conditions of Service, m of office and other conditions Of service of of Member from Office, Central Government shall remove a member from off licated as insolvent ; (b) is of unsound mind as declared by a competent court ; (¢) ls 50 abused his position as to ted Of an offence involving moral turpitude ; (dh ction 6). HS Contimuation in office detrimenial to the public interest (se stings (Operation of the Board). ¢ Board shall meet at such times and places, and shall obseve such rules of procedure in the transaction of business at its meetings as may be prescribed by regulations. at the meeting are to be made by a majority vote of the members present and voting, event of any equality of votes, the Chairman or the presiding member has a second or Vote (Section 7 of SEBI Act). Any member who is a director of a company and whoa hhas any direct or indirect pecuniary interest in any matter coming up _ fat a meeting of the Board shall, as soon as possible after relevant circumstanc i e nature of his intefest at such meeting and such to his knowledge, disclose the nature o! oe ill be feiss the proceedings of the Board, and the member shall y ce is ch respect to that matter. ’ fe ae ee is a vacancy or any defect in the : ‘ ; ‘ Proceedings of the 8 pas a appoint such otter nee @ cmpboyecs fcooy ease discharge of its ME a “ a i ions (section 9). oe services: ¢ been specified vi .ND FUNCTIONS OF SEBI 4 rect the interes secures js to (a) prov of SE eileacuniTies ame —— anges and 20 OOF securities markets § exd xf stock brokersy gub-brokers, share transf wort rust deeds, rewomere (0 issue, merchag sees OF investment ae and) wich oil rriters, portal? with securities markets inany manne who mye SOE ofthe depositories participants, custodians he working © tional investors, © vay, by notification of venture capital er ating) agencies and such ol pecify in this behalf; 1 funds and collect ret e working mutual funds 5 4 ‘organisations + Fevestament schemes, incl tating self-regulator fo promoting and reat 8 " (e) peohibiting fraudulent and unfair trade practices relating 10 Se°0 (p. promoting investors’ ining of intermediaries of securities markets ; (@) prohibiting insider trading in securities + ; (h) regulating substantial acquisition of shares and take-over of ‘companies ; (j) calling for information from, undertaking inspection, conducting inquiries and audi Sf the stock exchanges, mutual funds, Haher persons associated with the secur latory organisations in the securities mar market, intermediaries and self-regul: calling for information and record from any bank or any other authority or board corporation established or constituted by OF under any Central, State or Provincial in respect of any transaction in securities which is under investigation or inguiry oe [Inserted by the Securities and Exchange Board of India (Amendment) oto a i a mg aia 1956, as may be delegated to it by the Ce to securities markets education and tral (ia) (@ levying fees or other charges for carrying out the purposes of this section () conducting research for the above purposes ; . ( is shi la) eee any such agencies, as may be specified by the consi i et Ly sidered necessary by it for the efficient dischaty o ae such other functions as may be prescribed. in addition to the above, the followi : 5 lowing me: Exchange Board of India (Amendment) Me 2002. aaa 2. Power of Inspection. ’ Without prejudice e to the proyisi a measures to undertake inspecti ions contained in sub-secti Tie POS SOD, oa publ of any book, or register, or hs Ae ie co wd series silo any ePonaiosl te (not being intermedia i ae ognised stock exchange where the B es which intends '© joard has reasonable 2° believe that such cor ¥ uch company has been indulging in ins practices relating to securities market.} Be Trae paisa ce franculens end “atransfe, erchane Other lians of 1 other lective audits urities ard or al Act y by ) Act, of the entral joard, ge of Ee ¢ Code of . Tespect of the following mane,” By and production of books of account and other en: Bey — eh time as may be specified by the Board « t such place g and enforcing the attendance of Persons and e ion of any books, n 12, at any place ; of any book, or Fegister, or other document or record of the company ; ig commissions for the examination of witnesses or documents. in the Interests of Securities Market. may, by an order, for reasons to be recorded in writing, in the interests of Bouraies market, take any of the following measures, cither pending investigation “On completion of such investigation or inquiry, namely : fd the trading of any security in a recognised stock exchange ; Persons from accessing the securities market and prohibit any person with securities market to buy, sell or deal in securities; pend any office-bearer of any stock exchange or self-tegulaiory organisation from olding such positioy her documents, a : -xXamining them on oath Registers and other documents of any person referred (o in ) attach after passing of an order on an application made for approval, by the Judicial “Magistrate of 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 vith the securities market in any manner involved in violation of any of the provisions ‘Of this Act, or the rules or the regulations made thereunder ; ided that only the bank account or accounts or any transaction entered therein, so far as ‘the proceeds actually involved in violation of any Ge the puso Of this Act, or e regulations made thereunder shall be allowed to be attached ; 7. . ‘any intermediary or any person associated with the securities market a i ‘of or alienate an asset forming part of any transaction ier not to dispose : Protection of Investors Tae ee to the provisions of the Companies Act, 1956 (| if investors ‘may, for the protection o other matters pital, transfer of securities and by the companies | ci maicers shal be diselonedus, such offer d ee ae ‘ ot itions s e issue a speci ae eno ois TY on 1 of the Securities avert vision’ voce the requirements for listin ts 3) Without prejudice a ‘ne Board may. SPC ket. F © Reequaton) Act, Py other matters incidental fer of secur 11B)- oe ue ons (seetio® iter making or eausing £9 be rad 6. Power to Iss! provided it ection 11, if atte save as otherwise ei ii ae the Board is sisted that oe ~ sty develope of seourities mark i a ersons referred to i in the interest of invest : jary oF other pers! q i al interests of investors o (i) w prevent being conductes market 5 F (ii) t0 secure the Prot management of any such intermediary of person, . per such directions, — ., ., (@) to any person or class of persons referred to in section 12, or associ: i securities market ; OF ; = ecified in section 11A, (©) to any company in respect of matters 5 as my be appropriate in the imerests of investors © 17, Powers of Investigation (Section 11 C). (1) Where the Board has reasonable ‘ground to believe that— rsactions in securities are being dealt with in a mam in securities and the securities mark (a) the tra ner_detrim: investors or the securities market ; oF (b) any intermediary or any person associated with the securities market has violated an the provisions of this Act or the rules or the regulations made or directions issued by the Bo thereunder, it may, at any time by order in writing, direct any person (hereafter in thi referred 10 asthe Investigating Authority) specified in the order to investigate the intermediary or persons associated with the securities market and to report thereon to the Boat (2) Without prejudice to the provisions of sections 235 to 241 of the Companies Act. 4 coe be the duty of every manager, managing director, officer a aie pesos memetiy Teferred to in section 12 or every oe any person’ autbociest by kita fn eee ao pom to the Investigating / Tear fo eating, the comany o, a ee ee Se eed such person, which are in their custody er power, y be, of or relating to, the intermes ) The Investigating Authorit uth t securities market in a tran inaY Feduire any intermediary or any person assoviate! 8 registers, or other documents, fi ‘0 umnish such information to, or produce such book + OF record before him or any person authorised by him !" behalf as it may consi a yy consider necessary j : itt i such books, or registers, or other decane nite Of such information or the producto’ of its investigation, (4) The Investigating Authority may kee ny books, regis s 8 Authority may keep in its cus ody ai documents and record pre 7 a fr six mo 's and record produced unde; Wiest @ or os x @) fo i & hs tion for six mith Vers nder ies ned nt to nt of shall out een je or shall INDIA gion (1), he may impose such penalty ae - = i ne thinks fit in acooran, ‘with th he Provision, to Be taken into account 4, 5 J) R Y the adjudica padjudging the quantum of penalty under sec gid to the following factors, namely M" '4 the amount of disproportionate gain or unfair ting officer the adjudic, ating off ce shall advantage, wher ae ever quantifiable, may j the amount of loss caused to an invest aA a investor or group of inve = m P Of investors as a result of the | the repetitive nature of the default TAKEN BY SEBI Seclinilies and Exchange Board of India, in addition to the above osure and investor protection’, has taken @ number of other pent and regulation of the capital market. i. Guidelines for Disclosure and Invesior Protection. 2, Guidelines for Merchant Bankers. 3, Guidelines for EURO Issues 4, Guidelines for Mutual Funds and Asset Management Companies 5. Guidelines for Foreign Institutional Investors. 6 Guidelines to Development Financial Institutions for Disclosure and Investor Protection. 7, Guidelines for Book Building, Employees Stock Option Scheme (ESOS) and Employee Stock Purchase Scheme (ESPS). 8. Guidelines for Preferential Issues. 9. Guidelines for OTCEl Issues. |. 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