Section 2 of The Securities and Exchange Board of India Act, 1992
- (1)In this Act, unless the context otherwise requires,—
- (a)“Board” means the Securities and Exchange Board of India established under section 3;
- (b)“Chairman” means the Chairman of the Board; 1[(ba) “collective investment scheme” means any scheme or arrangement which satisfies the conditions specified in section 11AA;]
- (c)“existing Securities and Exchange Board” means the Securities and Exchange Board of India constituted under the Resolution of the Government of India in the Department of Economic Affairs No. 1(44)SE/86, dated the 12th day of April, 1988;
- (d)“Fund” means the Fund constituted under section 14; 2[(da) “Insurance Regulatory and Development Authority” means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
- (db)“Judicial Member” means a Member of the Securities Appellate Tribunal appointed under sub-section (1) of section 15MA and includes the Presiding Officer;]
- (e)“member” means a member of the Board and includes the Chairman;
- (f)“notification” means a notification published in the Official Gazette; 2[(fa) “Pension Fund Regulatory and Development Authority” means the Pension Fund Regulatory and Development Authority established under sub-section (1) of section 3 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013);]
- (g)“prescribed” means prescribed by rules made under this Act;
- (h)“regulations” means the regulations made by the Board under this Act; 3[(ha) “Reserve Bank” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);]
- (i)“securities” has the meaning assigned to it in section 2 of the Securities Contracts (Regulation) Act, 1956 (41 of 1956); 2[(j) “Technical Member” means a Technical Member appointed under sub-section (1) of section 15MB.] 1[(2) Words and expressions used and not defined in this Act but defined in 2[the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Depositories Act, 1996 (22 of 1996)] shall have the meanings respectively assigned to them in that Act.]
↩1.Ins. by Act 31 of 1999, s. 11 (w.e.f. 22-2-2000).
↩2.Ins. by Act 7 of 2017, s. 146 (w.e.f. 26-4-2017).
↩3.Ins. by Act 59 of 2002, s. 2 (w.e.f. 29-10-2002).
Summary
- The word Board in this law means the Securities and Exchange Board of India created under Section 3.
- The word member includes the Chairman of the Board.
- A collective investment scheme is any arrangement that meets the rules listed in Section 11AA.
- The Fund refers to the money pool set up under Section 14.
- If a word is used but not defined here, its meaning comes from the Securities Contracts (Regulation) Act, 1956 or the Depositories Act, 1996.
Practical examples
FAQ
1. If the law says member, does that include the head of the Board?
Yes, the definition of member specifically includes the Chairman.
2. Where do I look if a financial term is not defined in this law?
You must look at the Securities Contracts (Regulation) Act, 1956 or the Depositories Act, 1996.
3. What does the term Fund mean in this text?
It means the specific Fund constituted under Section 14 of this Act.
Test yourself
Q1.Under Section 2 of The Securities and Exchange Board of India Act, 1992, who is explicitly included in the definition of a member?
Q2.Under Section 2 of The Securities and Exchange Board of India Act, 1992, which external law provides the definition of securities?
Q3.Under Section 2 of The Securities and Exchange Board of India Act, 1992, if a word is not defined in this Act, where should a reader look first for its definition?
Q4.Under Section 2 of The Securities and Exchange Board of India Act, 1992, how does the law define a collective investment scheme, relying on a cross-reference?
Q5.Under Section 2 of The Securities and Exchange Board of India Act, 1992, the definition of Fund points to a specific provision. Which section constitutes this Fund?