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Section 11 – The Securities and Exchange Board of India Act, 1992

The Securities and Exchange Board of India Act, 1992

 

11. FUNCTIONS OF BOARD.

 

(1) Subject to the provisions of this Act, it shall be the duty of the Board to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, by such measures as it thinks fit.

 

(2) Without prejudice to the generality of the foregoing provisions, the measures referred to therein may provide for –

 

(a) regulating the business in stock exchanges and any other securities markets;

 

(b) registering and regulating the working of stock-brokers, sub-brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers and such other intermediaries who may be associated with securities markets in any manner;

 

(ba) registering and regulating the working of the depositories [participants], custodians of securities, foreign institutional investors, credit rating agencies and such other intermediaries as the Board may, by notification, specify in this behalf;

 

(c) registering and regulating the working of [venture capital funds and collective investment schemes], including mutual funds;

 

(d) promoting and regulating self-regulatory organizations;

 

(e) prohibiting fraudulent and unfair trade practices relating to securities markets;

 

(f) promoting investors’ education and training of intermediaries of securities markets;

 

(g) prohibiting insider trading in securities;

 

(h) regulating substantial acquisition of shares and take-over of companies;

 

(i) calling for information from, undertaking inspection, conducting inquiries and audits of the [stock exchanges, mutual funds, other persons associated with the securities market] intermediaries and self-regulatory organizations in the securities market;

 

(j) performing such functions and exercising such powers under the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), as may be delegated to it by the Central Government;

 

(k) levying fees or other charges for carrying out the purposes of this section;

 

(l) conducting research for the above purposes;

 

(la) calling from or furnishing to any such agencies, as may be specified by the Board, such information as may be considered necessary by it for the efficient discharge of its functions;

 

(m) performing such other functions as may be prescribed.

 

(3) Notwithstanding anything contained in any other law for the time being in force while exercising the powers under clause (i) of sub-section (2), the Board shall have 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 :-

 

(i) the discovery and production of books of account and other documents, at such place and such time as may be specified by the Board;

 

(ii) summoning and enforcing the attendance of persons and examining them on oath;

 

(iii) inspection of any books, registers and other documents of any person referred to in section 12, at any place.

 

 

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The Securit

ies and Exchange Board of India Act, 1992

 

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