Securities Legislation and Investor Protection in India

Introduction               

Securities market deals with trading of financial instruments in the market between individuals. Securities are the financial instruments in the market which gives ownership titles to the investor such as bonds, shares, mutual funds, derivative, etc. This article delves deeper into how transactions are carried out in securities market, analyses various securities legislations in India. It also goes deeper into the study of SEBI, its powers, functions how it regulates market and takes cares of investor protection in India. The article gives a detailed understanding on the machinery available for redressal to the players in the market.  Conclusively it elaborates on the perils faced by SEBI and its response to them.

SEBI Act 1992[1]– A Critical Analysis:     

The SEBI Act of 1992[2] established the Securities and Exchange Board of India, a statutory regulatory agency formed by the Government of India in 1992 to safeguard the interests of investors in securities while also regulating the securities market. SEBI also oversees how the stock market and mutual funds operate. SEBI regulates and promotes the growth of the country’s securities market. SEBI Act, 1992:

1. Establishment of SEBI: The SEBI Act creates the Securities and Exchange Board of India as a statutory regulator of India’s securities industry. It outlines SEBI’s composition and organization, as well as the chairman’s and other members’ appointments and tenures.
2. Regulatory Functions: The SEBI Act allows it to control and monitor several elements of the securities industry. Its tasks include regulating the issuing and dealing of securities, registering and regulating stockbrokers, sub-brokers, and other market intermediaries, promoting investor education and protection, and overseeing the operation of stock exchanges and clearing firms.
3. Powers and Enforcement: The SEBI Act gives the organization broad authority to efficiently implement the regulatory activities. These authorities include the authority to publish regulations, recommendations, and circulars, conduct inspections and investigations, apply fines and punishments for infractions, and take legal action against businesses that engage in fraudulent or manipulative acts in the securities market.
4. Investor safety: The SEBI Act places a high priority on investor safety. SEBI is responsible for encouraging fair practices and preserving the integrity and openness of the securities industry. It creates methods for resolving investor complaints, such as Investor Protection Funds, Investor Education and Protection Funds, and mandated disclosures by publicly traded corporations.
5. Governs market intermediaries: The SEBI Act governs market intermediaries such as stockbrokers, sub-brokers, portfolio managers, investment advisers, and other companies in the securities market. It establishes the qualifying criteria, registration procedures, and code of conduct for these intermediaries to guarantee that their operations are professional and ethical.
6. Bans Insider Trading: The SEBI Act bans insider trading, which includes trading securities using non-public, price-sensitive knowledge. SEBI is responsible for implementing insider trading regulations and has the jurisdiction to investigate and sanction anyone who engages in such activities.
7. Market surveillance and enforcement measures: The SEBI Act establishes market surveillance and enforcement measures to guarantee compliance with securities rules and regulations. SEBI is authorized to monitor and regulate the securities market, conduct investigations, and take appropriate measures to prevent market manipulation, fraud, and other irregularities.
8. creation of SAT: The SEBI Act creates the Securities Appellate Tribunal (SAT) to hear and resolve appeals against SEBI orders and judgments. The SAT offers an impartial platform for aggrieved parties to contest SEBI’s actions and conclusions.

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Relevance of Section 15J[3] of SEBI Act, 1992

In accordance with section 15I[4] of the SEBI Act, the Securities and Exchange Board of India (SEBI) is able to begin adjudicatory procedures against a business and has the authority to impose penalties as specified under sections 15A through 15HB. However, Section 15J outlines three considerations that an adjudicating officer (AO) must take into account when determining the appropriate punishment amount.

In Adjudicating Officer, Securities and Exchange Board of India vs. Bhavesh Pabari[5], Civil Appeal No. 11311 of 2013, dated February 28, 2019 (Supreme Court), the Supreme Court of India addressed the significance of Section 15J of the SEBI Act of 1992 and distinguished between a continuing crime and a repeat offence. The Court ruled that Sections 15A to 15HA must be read in conjunction with Section 15J and cannot be in conflict with one another. This case also reversed the decision in SEBI v. Roofit Industries Ltd. (2016) 12 Supreme Court Cases p. 125.

The SEBI Act of 1992 plays an important role in guaranteeing the fair and efficient operation of the securities market in India, protecting the interests of investors, and maintaining market integrity.

Securities Market Functions and Reforms

A securities market is a platform where people and organizations may exchange various financial assets. Securities are financial assets that may be exchanged, representing ownership, creditor connections, or ownership rights.

Functions:

1. Capital Raising: Primary markets enable firms to raise capital for ongoing operations and expansion.
2.   Investment Opportunities: Securities markets provide a diverse selection of financial assets with varying risk-return profiles for individuals seeking to develop wealth.
3. Liquidity Provision: Secondary market trading provides liquidity for assets, allowing investors to quickly sell their holdings at reasonable rates.
4. Price discovery: Buying and selling activity sends price signals regarding shares’ worth.
5. Cost Reduction: Specialized intermediaries lower transaction costs for issuing and selling securities.

Reforms in Securities Market after Establishment of SEBI[6]:

1. The Securities and Exchange Board of India, established in 1988 as an administrative structure, gained statutory authority with the SEBI Act, 1992.
2. The Capital Issues (Control) Act of 1947 was repealed, and the Office of Controller of Capital Issues was disbanded. Control over share prices and premiums were also withdrawn. Companies can now raise cash from the securities markets after submitting a letter of offer with SEBI.
3.  SEBI sets laws for primary and secondary market intermediaries, integrating them into the regulatory framework.
4. SEBI has implemented new changes in the primary market, including increased disclosure requirements, prudential regulations, and simplified issuing procedures. Companies must disclose all significant facts and particular risk factors linked with their initiatives when issuing public statements.
5. Cash flow statements have enhanced disclosure standards.
6. Stock exchange listing agreements have been amended to require listed companies to provide annual statements that show differences between financial projections and actual usage of funds. This allows shareholders to compare performance to promises.
7. New issue methods, including partial book building for institutional investors, aim to reduce issue costs.
8. SEBI has implemented a code of advertising for public issues to ensure fair and accurate disclosure.
9. The government handed the power to regulate stock exchanges to SEBI.
10. SEBI reconstitutes stock exchange governing bodies, establishes capital adequacy criteria for brokers, and implements measures to improve transparency in client-broker relationships, including segregation of accounts.
11. The Over the Counter Exchange of India (OTC) uses a computerized online screen to provide nationwide electronic trading and settlement.
12. The National Stock market of India (NSE) is a computerized stock market that allows for nationwide electronic trading.
13. The Mumbai Stock Exchange (BSE) has introduced online screen-based trading.
14. Brokers now must meet capital adequacy requirements.
15. Mark-to-market margins were implemented on stock exchanges. The “revised carry forward” mechanism replaced “badla”.
16. National Securities Clearing Corporation Limited, established by the NSE.
17. SEBI sets restrictions for mutual funds. Private mutual funds are permissible, and several of them have already been established up. All mutual funds are able to apply for firm allocation in public issues, which aims to reduce issue costs. SEBI laws control share acquisitions and takeovers, including disclosures and public offers to shareholders.
18. Indian enterprises can access international financial markets.
19.  Foreign Direct Investment is permitted in stock broking, asset management, merchant banking, and other non-bank financial enterprises. Foreign institutional investors (FIIs) can enter Indian capital markets after registering with SEBI.
20. The government has issued guidelines for offshore venture capital funds.  SEBI increases monitoring measures and mandates separate surveillance departments for all stock exchanges.
21. SEBI improves enforcement of restrictions. Begins the process of prosecuting firms for mis-statements, sends show cause notifications to merchant bankers, and assures refunds of application money in various issues due to misstatements in the prospectus.
22. SEBI notified five new regulations in 1996. These were the SEBI (Custodian of Securities) Regulations, 1996, notified on May 16, 1996; the SEBI (Depository and Participants) Regulations, 1996, notified on May 16, 1996; the SEBI (Venture Capital Funds) Regulations, 1996, notified on December 4, 1996; the revised SEBI (Mutual Funds) Regulations, 1996, notified on December 9, 1996; and the revised SEBI (Substantial Acquisitions of Shares and Takeovers) Regulations, 1997, notified on February 20, 1997.

SEBI implemented these and other reforms and policy adjustments in an open, transparent, collaborative, and participatory manner.

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Powers and Functions of SEBI

Powers of SEBI

1. SEBI has authority over stock exchanges and intermediaries, including the ability to request business transaction information for examination and investigation.
2.  SEBI can impose monetary fines on capital market intermediaries. It can also suspend their registration for a short time.
3.  It has the ability to initiate activities inside designated duties.
4.  Has the authority to regulate insider trading.
5. SEBI has the authority to designate three members to the governing bodies of all stock exchanges under the Securities Contracts Act, as granted by the finance minister.
6.  It has the authority to regulate stock exchange operations.

Functions of SEBI:

SEBI has three functions:

Protective Function: In order to safeguard the interests of investors and other market players, SEBI carries out following tasks:

• Protect investors’ and traders’ interests.
• Restrict price-rigging, as some of them have already been fixed by a corporation or group of corporations.
• Stop insider trading Encourage equitable behavior and make sure that every market transaction is safe and efficient.
• Prohibits deceptive business practices.

Development Function: It introduces new ideas and developments to the Indian finance sector.

• Giving financial intermediaries training.
• The introduction of securities in DEMAT format.
• Using a broker to purchase or sell mutual funds straight from AMC.
• Fostering organizations with self-regulation.
• Encouraging ethical business conduct and curbing unethical business conduct.

Regulatory Function: This role makes sure the stock market runs smoothly and openly. It controls how mutual funds operate and how businesses may be acquired.All brokers, sub brokers, merchant bankers, trustees, and middlemen must register with SEBI. Carries out exchange audits and investigations.

Role of Securities Appellate Tribunal   

Mainly designed to hear appeals against orders granted by the Securities and Exchange Board of India (SEBI) or by an adjudicating officer under the SEBI Act, it is constituted as a statutory and independent body in accordance with the terms of the SEBI Act, 1992.
SAT is composed[7] of a single Presiding Officer and as many Judicial and Technical members as the Central Government deems necessary.  When trying a suit, SAT is endowed with the same authority as a civil court under the code of civil procedure.

Functions:

1. To consider and decide appeals against decisions made by adjudicating officers or the SEBI in accordance with the SEBI Act, 1992.
2. To consider appeals against decisions made by the Pension Fund Regulatory and Development Authority (PFRDA) and decide such cases.
3.  To hear appeals against decisions made by the Insurance Regulatory Development Authority of India (IRDAI) and decide such cases.

Depositories Act 1996[8]: Legal Perspective on Depository Systems:

The Indian Parliament enacted the Depositories Act, 1996[9], which sets down regulations for the operation of depositories in India. The legislation allows for the dematerialized transfer of securities and the creation of depositories in India. By allowing the holding of securities in electronic form and facilitating their transfer through electronic book entries, it seeks to encourage trading in securities. The rights and responsibilities of depositories, issuers, and investors are also outlined in the legislation. The legislation has played a significant role in the development of the Indian securities market and is applicable to all securities held in dematerialized form.

A firm awarded a registration certificate under the Securities and Exchange Board of India Act, 1992 is referred to as a depository. The company was established and registered under the Companies Act, 2013[10].

1. In accordance with the Act, a depository must sign a contract designating one or more participants as its agents.
2. Anyone can sign a contract with a depository to use its services through a participant in the process outlined in that specific depository’s bylaws.
   Upon entering into a contract with the depository, the individual is required to turn over their security certificate to the issuer.
3. Upon receiving the certificate of security, the issuer is required to notify the depository of the entry, annul the certificate of security, and enter the depository’s name as the registered owner of the security in its entries.
4. Should the participant notify a depository of a security transfer, the depository is required to record the transfer in the transferee’s name?
5. The depository must notify the issuer whenever the beneficial owner or transferee of any security requests custody of such security.
6.  A subscriber of securities supplied by an issuer may, in accordance with the Act, retain the securities with a depository or receive security certificates.
7.  Every security that a depository holds has been dematerialized and is available for mutual exchange.
8.  For the purpose of transferring ownership of securities on behalf of the beneficial owner, the depository is the registered owner under the Act. All rights, advantages, and responsibilities of securities kept by the depository belong to the beneficial owner of the securities.
9. The maintenance of an index and register of beneficial owners is mandated for each depository. A beneficial owner may pledge or hypothecate in relation to any security they possess with prior depository permission, in accordance with the depository’s rules and bylaws.
10. A beneficial owner is required to notify the depository in the event that they wish to opt out of any security. The depository is required to notify the issuer and make the necessary entries in its records upon receiving notification from the beneficial owner.
    Within 30 days of the completion of the necessary conditions and payment of the necessary fees, the issuer must issue certificates of securities to the beneficial owner or transferee, as applicable, after receiving notification from the depository regarding the beneficial owner’s desire to opt out of the depository for any security.
11. In the event that the depository or participant is negligent and causes any loss, the depository is required to reimburse the beneficial owner.
12. The depository has the right to collect the whole amount from the participation if the participant causes carelessness and the depository indemnifies the loss on the participant’s behalf.

Circulars and other administrative orders issued under the SEBI Act are not subject to the tribunal’s appeal jurisdiction.

In 2006, NSDL filed an appeal with SAT on a SEBI circular regarding dematerialization costs. In September of the three categories of orders: legislative, administrative, and quasi-judicial. It decided in favor of NSDL as a result. SEBI successfully petitioned the Supreme Court to overturn the SAT ruling. The 2006, the Supreme Court of India (SAT) declared that the term “order” as used in the SEBI Act is quite broad and can refer to any Supreme Court stated that only “quasi-judicial” judgments and directives are “subject of SAT” in its order from March 7.

In National Securities Depository Ltd. v. SEBI[11], Civil Appeal No. 5173 of 2006 and Civil Appeal No. 186 of 2007, a circular released by SEBI was contested. In order to prevent fees from being imposed on a depository and, by extension, on a beneficial owner, when the latter transfers all securities held in his account to a different depository or to another branch of the same depository, depositories were advised in this circular to amend all bylaws, rules, and regulations as of September 1, 2006. The appeals were denied by the Supreme Court, which maintained the circular.

Investor Protection: An Indian Experience:

Comprehensive rules for Investor Protection Funds (IPF) were released by SEBI, the Indian securities market regulator, in 2004 in an effort to standardize the investor protection procedures that stock exchanges followed. The stock exchanges often establish an IPF as a compensation fund to handle the clients of a defaulting member’s valid investment claims.

Comprehensive guidelines for investor services funds (ISF) and investor protection funds (IPF) managed by stock exchanges and depositories were released by SEBI on May 30, 2023 (Guidelines). These guidelines were updated in response to feedback from various market participants and discussions held by the Secondary Market Advisory Committee of SEBI. The Guidelines address the creation and administration of the IPF, exchanges’ and depositories’ contributions to the IPF, and the use of the IPF. Furthermore, a standard operating procedure that details the steps and deadlines for processing investor claims out of IPF, reviewing claims, and declaring a trading member in default has been released by SEBI. The revised Guidelines will go into effect on June 29, 2023.

The following are the Guidelines’ main points:

1. Constitution: An IPF, to be managed by independent IPF trusts, must be established by all stock exchanges and depositories. Five trustees will make up the IPF trust of the stock exchange and depository: three directors representing the public interest, one from the investor organizations, and a chief regulatory officer or compliance officer. A trustee might serve for a maximum of five years, with the exception of chief regulatory officer and compliance officer positions.
2. Contribution: The stock exchanges must pay a number of sums to the IPF, including: (a) 1% of the quarterly listing fees they receive; (b) the whole interest that the issuer companies earn on the security deposit they keep in order to offer securities for public subscription; (c) penalties that the exchanges collect from trading members; and so on.
   The following are included in the contributions provided by the depositories: (a) 5% of the yearly earnings from the depository operations; (b) all fines and penalties that are recovered from users and depository participants; and (c) any revenue from investments made via the IPF.
3. Use of IPF: Funds in the IPF will be used to support investor education, settle investment claims from customers of trading members in default, and offer impacted investors temporary relief. Up to 70% of income received on investments made from the IPF must be reinvested in the IPF by the stock exchange, with the remaining 25% going toward administrative and legal costs. The whole amount of interest earned must be returned to the IPF by the depositories.
4. Eligibility for claims: The IPF will pay compensation for claims made against defaulting trade members. In addition, the IPF may compensate claims from clients who transacted through the authorized representatives of the trading members who defaulted. In conjunction with SEBI and the IPF Trust, the stock exchanges will decide on suitable compensation limitations for each investor.
5. Evaluation of corpus: To make sure the IPF corpus is adequate, the stock exchanges and depositories must examine it twice a year. The corpus needs to be expanded if the assessment indicates that it is insufficient.
6. Other requirements: The guidelines also include disclosure requirements for depositories and stock exchanges, such as (a) disclosing the IPF corpus on their website, (b) disseminating the claim processing policy and FAQs, and (c) providing sufficient notice to investors prior to enacting any changes to the claim processing policy.

Stock exchanges are obliged to set aside a minimum of 20% of the listing fees that the Investor Services Fund (ISF) receives in order to support the ISF’s services for the investing public. The Regulatory Oversight Committee of the stock exchanges, which was established to improve administration and control over donations and ISF corpus usage, is required to oversee it. ISF will be utilized to support investor education and awareness initiatives, with a minimum of 50% of the corpus allocated to Tier II and Tier III cities.

Two crucial tools created to protect investors’ interests in the financial sector are the IPF and ISF. The Investor Protection Fund (IPF) serves as a safeguard against broker failures, therefore mitigating financial losses for investors and bolstering the stability and reputation of the securities industry as a whole. The changes made in accordance with the Guidelines are intended to improve investor rights protection even further, expedite the use of these funds, and encourage financial literacy and securities market participation. Maintaining investor trust and encouraging healthy market participation will continue to be critical functions of IPF.

Securities Contract[12] Act 1956[13]:

In 1956, the Securities Contracts (Regulation) Act was passed. One of the first few laws, rules, and regulations created for the Indian capital markets is known by another name, the SCRA.
Contracts entered into on Indian stock exchanges and securities markets are governed by the SCRA. As a result, the terms and conditions described in the securities contract or the SCRA must be adhered to by all securities that are defined by the Securities and Exchange Board of India(SEBI).
“Contracts” are defined under the SCRA as an arrangement involving the sale or acquisition of securities. There are three different kinds of contracts, which are as follows:

Contracts:

1. Spot contracts: These are agreements that specify the actual delivery of securities or assets in return for payments, either on the day the contract is completed or at a later time.
2. Ready delivery contracts: These are agreements that must be fulfilled right away or within a predetermined window of time.
3. Forward contracts: These are agreements whereby the parties commit to carrying out the terms of the contract on a predetermined future date.

Validity of ‘option contracts’ under the Securities Contracts Regulations Act, 1956 (“SCRA”)

In MCX Stock Exchange Limited v. Securities & Exchange Board of India[14], Writ Petition No. 213 of 2011 dated March 14, 2012, the Bombay High Court explained that option contracts are distinct from forward contracts and that they are legal under the Securities Contracts (Regulation) Act, 1956. The distinction was made because the Bombay High Court ruled that option contracts are legitimate contracts under the Act, even though forward contracts are forbidden by it.

Contributions of SEBI

Investors and other stock market intermediaries should feel comfortable knowing that SEBI upholds transparency and ongoing development in the stock market.

SEBI contributes towards the market by fulfilling the following objectives

1. Protect stock market investors’ interests: The SEBI was founded to protect investors’ interests in the financial sector. By consistently enhancing its policies and procedures, it seeks to give stock market participants a secure environment.
2.  Prevents fraud and malpractice: The primary goal of SEBI was to stop unethical trading and stock market malpractice. To file a complaint and get their questions answered, anybody can visit SEBI’s independent online complaint cell. The stock market’s fraud activity has decreased and grown more transparent since SEBI was established.
3.  Equitable operation: The stock market’s operations are protected by the SEBI. If fraud is being committed, you can report it immediately on the SEBI website or to the SEBI headquarters.

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Issues and Challenges Faced By SEBI:

1. Procedure for enforcement -SEBI’s statutory authority is equivalent to that of a civil court. Although SEBI has created a number of regulations, it is insufficient to just create regulations and issue directives if it is unable to carry them out. SEBI must improve its enforcement and monitoring capabilities. It must make sure that all infractions, no matter how little, are reported.
2. An organization’s most valuable resource is its talent pool and market knowledge. SEBI must enhance the caliber and quantity of its human resources. To increase performance, it must make major improvements to its personnel pool, technology, and market intelligence.
3. Expanding capital market there hasn’t been much of an increase in capital market participants. Even now, a sizable portion of the populace stays out of the security industry. Although SEBI has made significant strides to promote capital market participation—such as removing mutual fund entry loads and streamlining KYC regulations—it still has to take more decisive action to increase capital market participation. It should aim to create a thriving retail debt market by encouraging pension, superannuation, and gratuity funds to participate in equities more deeply.
   Conforming to international norms the size of SEBI in relation to the securities market is insufficient to adequately control the capital market, which is expanding. It must create self-regulatory organizations, much like its counterparts.
4. Adversely affected there has always been criticism of SEBI’s selection procedure. Reports of corruption involving SEBI employees are common. The SEBI’s accountability framework is not very good. Ensuring fairness and transparency in the recruitment process is crucial.

Response and Way Forward[15]:           

In recent years, SEBI has implemented many measures aimed at reforming the Indian capital market. It has gone through several rules, including the advent of computerized trading, the creation of stock invests schemes, the prohibition of the badla system, and the ability to develop and price instruments. It has also been involved in a number of scandals, including the MCX, Sahara, and Ulips scandals. SEBI has quickly established itself as a respected entity in the capital market. In order to identify and stop market manipulation and make sure that market intermediaries behave ethically and transparently, SEBI must adopt a more proactive strategy.

SEBI should keep on issuing new and reformed guidelines to rectify the loopholes and financial mistakes it has done. New regulations or amendment to older regulations should be proposed to adhere and cater to the needs of current scenarios and problems posed by the market.

Conclusion

Thus we conclude India securities market has come way ahead in development with implementation of so many regulations such as SEBI Act 1992, Depositories Act 1996, and SEBI contract Act 1956, its various reforms and guidelines to cater to the current scenarios of market. However, it still faces a lot of challenges such as it being very less developed than markets of its peers such as USA, UK, the evil of insider trading, etc. These challenges need to be fixed by introduction of various guidelines by SEBI, proposing new regulations by parliament; amendment to the older regulations can all be a very well and catered response to these perils of the markets. We conclude that securities market of India has evolved in a positive way but it still needs to be properly regulated and expanded in size.

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This article is authored by Pravleen Kaur student at Maharaja Agrasen Institute of Management Studies, IPU.

Frequently Asked Questions (FAQs)

References

• https://www.sebi.gov.in/sebi_data/commondocs/pt01_h.html
• https://indiankanoon.org/doc/101113552/
• https://www.sebi.gov.in/adjorder/bhaveshpabari.pdf
• https://www.sebi.gov.in/enforcement/orders/mar-2017/sebi-vs-nsdl_51136.html
• https://www.sebi.gov.in/sebi_data/attachdocs/1379572015818.pdf
• https://www.sebi.gov.in/sebi_data/attachdocs/1456380272563.pdf
• https://www.sebi.gov.in/acts/contractact.pdf
• https://www.cciindia.org/investor.html

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[1]https://www.sebi.gov.in/sebi_data/attachdocs/1456380272563.pdf

[2] Securities and exchange board of India Act, 1992, No.15, Acts of Parliament

[3] Securities and exchange board of India Act, section 15J, No.15, Acts of Parliament

[4]Securities and exchange board of India Act, section 15I,No.15, Acts of Parliament

[5] https://www.sebi.gov.in/adjorder/bhaveshpabari.pdf                                        

[6] https://www.sebi.gov.in/sebi_data/commondocs/pt01_h.html

[7] Securities and exchange board of India Act, section 15L, No.15,Acts of Parliament

[8] https://www.sebi.gov.in/sebi_data/attachdocs/1379572015818.pdf

[9]Depositories Act, 1996, No.22, Acts of Parliament

[10]Companies Act, 2013, No. 14, Acts of Parliament

[11] https://www.sebi.gov.in/enforcement/orders/mar-2017/sebi-vs-nsdl_51136.html

[12] Securities Contract Act, 1956, Act No. 42, Acts of Parliament

[13] https://www.sebi.gov.in/acts/contractact.pdf

[14] https://indiankanoon.org/doc/101113552/

[15]https://www.cciindia.org/investor.html

[16] Depositories Act, 1996, section 2(e), No. 22, Acts of Parliament

[17]Securities Contracts Act,1956, section 2, No. 42, Acts of Parliament

[18] Securities and Exchange Board of India Act , 1992, section 4, No. 15, Acts of Parliament

[19] Securities and Exchange Board of India Act , 1992, section 15K, No. 15, Acts of Parliament

[20]Securities and Exchange Board of India Act , 1992, section 15N, No. 15, Acts of Parliament

[21] Securities and Exchange Board of India Act , 1992, section 20, No. 15, Acts of Parliament

[22]Securities and Exchange Board of India Act , 1992, section 15T, No. 15, Acts of Parliament

[23]Depositories  Act , 1996, section 23F, No. 22, Acts of Parliament

[24] Securities contracts (Regulations)  Act , 1992, section 2(a), No. 15, Acts of Parliament