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POWER OF SECURITIES AND EXCHANGE BOARD OF INDIA [SECTION 24]
Securities and Exchange Board of India shall administer provisions under:
- Chapter III i.e. Prospectus and allotment of securities;
- Chapter IV i.e. Share capital and Debentures; and
- Section 127 i.e. Punishment for failure to distribute dividends;
Which are related to –
a) Issue and transfer of securities; and
b) Non – payment to dividend;
By:
- Listed Companies;
- Companied which intend to get their securities listed on any recognised stock exchange in India except otherwise provided by this Act.
All powers related to Chapter III, Chapter IV and Section 127, in any other case, shall be administered by the Central Government. All powers relating to all other matters relating to prospectus return of allotment, redemption of preference shares and any other matter specifically provided in this Act, shall be exercised by the Central Government, the Tribunal or the Registrar, as the case may be.
The Securities and Exchange Board shall, in respect of matters specified in sub – section (1) of Section 24 and the matters delegated to it under proviso to sub-section (1) of section 458, exercise the powers conferred upon it under sub-sections (1), (2A), (3) and (4) of section 11, Sections 11A, 11B and 11D of the Securities and Exchange Board of India Act, 1992.
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AishMGhrana 