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PALLAVI SHRIMALIPOONAM SHARMARASHMI RANJANSURBHI TRIVEDIHIMANSHU JAIN

An act to provide for th e establishment of a board to protect the interest of investors in securities and to promote the development of ,and to regulate the securities market and for matters connected there

with or incidental thereto. INTRODUCTION

ESTABLISHMENT OF THESECURITIES AND EXCHANGE BOARD OFINDIA Establishment and incorporation of Board. (1) With effect from such date as the Central Government may, bynotification, appoint,

there shall be established, for the purposesof this Act, a Board by the name of the Securities and ExchangeBoard of India.(2) The Board shall be a body corporate by the name aforesaid,having perpetual succession and

a common seal, with power subject to the provisions of this Act, to acquire, hold and disposeof property, both movable and immovable, and to contract, andshall, 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.

Management of the Board. (1) The Board shall consist of the following members, namely:-(a) a Chairman;(b) two members from amongst the officials of the CentralGovernment dealing with Finance(c) one member from

amongst the officials of the ReserveBank(d) five other members of whom at least three shall be thewhole-time memberstobe appointedby the central Government. (2)

The general superintendence, direction andmanagement of the affairs of the Board shall vest in aBoard of members, which may exercise all powers anddo all acts and things which may be

exercised or done bythe Board.

(3)

Save as otherwise determined by regulations, theChairman shall also have powers of general superintendenceand direction of the affairs of the Board and may also exerciseall powers and do all acts and things which may be

exercisedor done by that Board. (4) The Chairman and members referred to in clauses (a)and (d) of sub-section (1) shall be appointed by the CentralGovernment and the members referred to in clauses (b) and(c) of

that sub-section shall be nominated by the CentralGovernment and the [Reserve Bank] respectively.

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regulations, theChairman shall also have powers of general superintendenceand direction of the affairs of the Board and may also exerciseall powers and do all acts and things which may be exercisedor done by that Board.

5. (4) 6. The Chairman and members referred to in clauses (a)and (d) of sub-section (1) shall be appointed by the CentralGovernment and the members referred to in clauses (b) and(c) of that sub-section shall

be nominated by the CentralGovernment and the [Reserve Bank] respectively. 7. p.

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