The Securities and Exchange Board of India Act, 1992

(1) This Act may be called the Securities and ExchangeBoard of India Act, 1992. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 30th day of January, 1992.

(1) In this Act, unless the context otherwise requires,--- (a) "Board" means the Securities and Exchange Board of India established under section 3; (b) "Chairman" means the Chairman of the Board; 1[(ba) collective investment scheme means any scheme or arrangement which satisfies theconditions specified in section 11AA;] (c) "existing Securities and Exchange Board" means the Securities and Exchange Board of Indiaconstituted under the Resolution of the Government of India in the Department of Economic AffairsNo. 1(44)SE/86, dated the 12th day of April, 1988; (d) "Fund" means the Fund constituted under section 14; 2[(da) "Insurance Regulatory and Development Authority" means the Insurance Regulatory andDevelopment Authority of India established under sub-section (1) of section 3 of the InsuranceRegulatory and Development Authority Act, 1999 (41 of 1999); (db) "Judicial Member" means a Member of the Securities Appellate Tribunal appointed undersub-section (1) of section 15MA and includes the Presiding Officer.] (e) member means a member of the Board and includes the Chairman; (f) notification means a notification published in the Official Gazette; 2[(fa) "Pension Fund Regulatory and Development Authority" means the Pension FundRegulatory and Development Authority established under sub-section (1) of section 3 of the PensionFund Regulatory and Development Authority Act, 2013 (23 of 2013);] (g) "prescribed" means prescribed by rules made under this Act; (h) "regulations" means the regulations made by the Board under this Act; 3[(ha) Reserve Bank means the Reserve Bank of India constituted under section 3 of theReserve Bank of India Act, 1934 (2 of 1934);] (i) "securities" has the meaning assigned to it in section 2 of the Securities Contracts (Regulation)Act, 1956 (42 of 1956). 2[(j) "Technical Member" means a Technical Member appointed under sub-section (1) ofsection 15 MB.] 4[(2) Words and expressions used and not defined in this Act but defined in 5[the Securities Contracts(Regulation) Act, 1956 (42 of 1956) or the Depositories Act, 1996 (22 of 1996)] shall have the meaningsrespectively assigned to them in that Act.]

(1) With effect from such date as the CentralGovernment may, by notification, appoint, there shall be established, for the purposes of this Act, a Boardby the name of the Securities and Exchange Board of India. (2) The Board shall be a body corporate by the name aforesaid, having perpetual succession and acommon seal, with power subject to the provisions of this Act, to acquire, hold and dispose of property,both movable and immovable, and to contract, and shall, by the said name, sue or be sued. (3) The head office of the Board shall be at Bombay. (4) The Board may establish offices at other places in India.

(1) The Board shall consist of the following members, namely:-- (a) a Chairman; (b) two members from amongst the officials of the 1[Ministry] of the Central Government dealingwith Finance 2[and administration of the Companies Act, 1956 (1 of 1956)]; (c) one member from amongst the officials of 3[the Reserve Bank]; 4[(d) five other members of whom at least three shall be the whole-time members,] to be appointed by the Central Government. (2) The general superintendence, direction and management of the affairs of the Board shall vest in aBoard of members, which may exercise all powers and do all acts and things which may be exercised ordone by the Board. (3) Save as otherwise determined by regulations, the Chairmen shall also have powers of generalsuperintendence and direction of the affairs of the Board and may also exercise all powers and do all actsand things which may be exercised or done by that Board. (4) The Chairman and members referred to in clauses (a) and (d) of sub-section (1) shall be appointedby the Central Government and the members referred to in clauses (b) and (c) of that sub-section shall benominated by the Central Government and the 5[Reserve Bank] respectively. (5) The Chairman and the other members referred to in clauses (a) and (d) of sub-section (1) shall bepersons of ability, integrity and standing who have shown capacity in dealing with problems relating tosecurities market or have special knowledge or experience of law, finance, economics, accountancy,administration or in any other discipline which, in the opinion of the Central Government, shall be usefulto the Board.

(1) Theterm of office and other conditions of service of the Chairman and the members referred to in clause (d)of sub-section (1) of section 4 shall be such as may be prescribed. (2) Notwithstanding anything contained in sub-section (1), the Central Government shall have theright to terminate the services of the Chairman or a member appointed under clause (d) of sub-section (1)of section 4, at any time before the expiry of the period prescribed under sub-section (1), by giving himnotice of not less than three months in writing or three months salary and allowances in lieu thereof, andthe Chairman or a member, as the case may be, shall also have the right to relinquish his office, at anytime before the expiry of the period prescribed under sub-section (1), by giving to the CentralGovernment notice of not less than three months in writing.