Section 18 of The Securities and Exchange Board of India Act, 1992
- (1)The Board shall furnish to the Central Government at such time and in such form and manner as may be prescribed or as the Central Government may direct, such returns and statements and such particulars in regard to any proposed or existing programme for the promotion and development of the securities market, as the Central Government may, from time to time, require.
- (2)Without prejudice to the provisions of sub-section (1), the Board shall, within 1[ninety days] after the end of each financial year, submit to the Central Government a report in such form, as may be prescribed, giving a true and full account of its activities, policy and programmes during the previous financial year.
- (3)A copy of the report received under sub-section (2) shall be laid, as soon as may be after it is received, before each House of Parliament.
Summary
- The Board is required to provide the Central Government with returns, statements, and specific details about any programs intended to promote and develop the securities market.
- The government has the power to decide the timing, format, and exact information the Board must include in these updates.
- In addition to these updates, the Board must also submit a comprehensive annual report to the Central Government.
- This annual report must give a true and full account of the Board's activities, policies, and programs, and it must be submitted within ninety days after the financial year ends.
- Once the Central Government gets the annual report, they are required to present a copy of it to both Houses of Parliament.
Practical examples
FAQ
1. When does the Board have to submit its annual report?
The Board must submit its annual report to the Central Government within ninety days after the end of each financial year.
2. What exactly must be included in the annual report?
The report must provide a true and full account of the Board's activities, policy, and programmes during the previous financial year.
3. Who ultimately reviews the annual report after the Central Government receives it?
A copy of the report must be laid before each House of Parliament as soon as possible after the Central Government receives it.
Test yourself
Q1.Under Section 18 of The Securities and Exchange Board of India Act, 1992, how much time does the Board have to submit its comprehensive report after the end of a financial year?
Q2.Under Section 18 of The Securities and Exchange Board of India Act, 1992, what must the Central Government do with the annual report once they receive it from the Board?
Q3.Under Section 18 of The Securities and Exchange Board of India Act, 1992, who has the authority to dictate the time, form, and manner in which the Board must furnish statements about its developmental programs?
Q4.Under Section 18 of The Securities and Exchange Board of India Act, 1992, what kind of information must the Board provide when the government asks for particulars on market development?