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picture1_Sebi Act Pdf 95002 | Sebi Act, 1992 Revision


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File: Sebi Act Pdf 95002 | Sebi Act, 1992 Revision
sebi act 1992 flow 1 introduction 2 preamble 3 composition of sebi 4 general functions 5 general power 6 section 11a regulation for issue of prospectus 7 section 11b directions ...

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                                                          SEBI ACT, 1992
                     Flow
                   1.      Introduction
                   2.      Preamble
                   3.      Composition of SEBI
                   4.      General Functions
                   5.      General Power
                   6.      Section 11A – Regulation for Issue of Prospectus
                   7.      Section 11B – Directions
                   8.      Section 11C – Investigation
                   9.      Section 11D – Lease and Desist Order
                   10.     Adjudication and its procedure
                   11.     Section 11AA – Collective Investment Scheme
                   12.     Recovery of amount
                   13.     Appeal to SAT
                   14.     Insider Trading
                   15.     SAT – Composition and other related issues
                     Introduction
                   Before 1992, CG used to regulate intermediaries and to offload its burden, CG has 
                   established SEBI.
                   It is applicable to whole of India.
                   Intermediaries include broker, sub broker, Share transfer agent, depository 
                   participants, merchant banker, foreign institutional investor, alternate investment 
                   fund, stock exchange.
                        Preamble
                   1.      To develop securities market.
                   2.      To protect the interest of investor.
                   3.      To register and regulate intermediary.
                   4.      Anything ancillary and incidental thereto.
                                                                                                                          SEBI ACT, 1922
                      Composition of SEBI Section 4
                   Chairman
                   Representative of Ministry of Finance and Ministry of Corporate Affairs
                   Representative of RBI
                   5 Members from which 3 shall be whole time.
                   Appointed by Union Government except representative of RBI
                        Removal of member of SEBI
                   Grounds
                   1.      Declared insolvent at any time.
                   2.      Declared unsound mind at any time.
                   3.      Convicted moral turpitude.
                   4.      Abuse his position
                   Can be removed after opportunity of being heard.
                   Removal of member of SEBI on other grounds, they can be removed either by 
                   serving 3 months notice.
                   Or
                   3 months salary and allowance
                   Relinquishment of office i.e. Resignation
                   3 months notice to CG is required in writing.
                      Tenure
                                                                     Tenure
                                                                                           Part-time member
                   Chairman / Whole time member
                                                                                                        
                                          
                               - Maximum 3 years                                            - Maximum 3 years
                   - Reappointment any number of time                           - Reappointment any number of time
                                                                                         - No maximum age limit
                          - Maximum age – 65 years
                                                                                                                          SEBI ACT, 1922
            Section 11 General function
              Registering and regulating intermediaries.
              Prohibition of insider trading and market manipulation.
              Regulating substantial acquisition of shares or takeover.
              Inspection or calling for information
            Section 11 – General Power of SEBI
              Suspend recognised stock exchange.
              Restrain any person to access stock market
              Suspend any office bearer
              Freeze bank account
              Direct intermediary not to transfer securities
              Impound sale proceeds (confiscate sale proceeds)
          SEBI will have Civil Court Power 
           Section 11A – Regulation for issue of prospectus, Offer document or 
               any document through which money solicit from public.
          Without prejudice to Companies Act, SEBI may
          1.   SEBI may issue regulation 
          2.   SEBI may issue specific or general order(lbs two lines)
          3.   SEBI may issue guidelines subject to listing or transfer of securities 
           Or related to issue of capital, and other matter incidental thereto :
            Section 11B – Power to issue to Directions
          SEBI may issue directions for :
          1.   Protect interest of investor.
          2.   Development of Securities Market.
          3.   Proper management of intermediaries
                                                                 SEBI ACT, 1922
                     Section 11C – Investigation
                 Grounds of Investigation
                 1.     There is violation of this Act 
                 2.     Transaction is conducted in such a manner which is preducial (i.e. harmful) 
                        to the interest of investor.
                  Duties of employees, officer, etc.                              Power of Investigation authority
                  Produce books of amount                                        Inspect books of amounts
                  Provide explanation and information                            Sought explanation and information
                  Appear personally                                              Summon
                  Sign note                                                      To take note
                                                                                 To take on oath
                 Power exercisable with prior approval of magistrate.
                   Enter with such assistance as may be required (e.g. police assistance)
                   Search such place as may be required (e.g. house of MD).
                   Seize books of accounts if it is likely to be Destroyed, Mutilated, Altered, 
                        Falsify, Secreted.
                 In case of listed company or any company doing listing, books of accounts can be 
                 seized when offence is related to insider trading or market manipulation.
                 Books of accounts shall be returned latest by conclusion of investigation.
                     Section 11D – Cease and Desist order
                 Cease order means, stop and don’t repeat, when contravention is already 
                 conducted then cease order will be passed.
                 Desist order means when contravention is likely to be conducted then desist order 
                 is passed.
                                                                                                                          SEBI ACT, 1922
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...Sebi act flow introduction preamble composition of general functions power section a regulation for issue prospectus b directions c investigation d lease and desist order adjudication its procedure aa collective investment scheme recovery amount appeal to sat insider trading other related issues before cg used regulate intermediaries offload burden has established it is applicable whole india include broker sub share transfer agent depository participants merchant banker foreign institutional investor alternate fund stock exchange develop securities market protect the interest register intermediary anything ancillary incidental thereto chairman representative ministry finance corporate affairs rbi members from which shall be time appointed by union government except removal member grounds declared insolvent at any unsound mind convicted moral turpitude abuse his position can removed after opportunity being heard on they either serving months notice or salary allowance relinquishment of...

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