Section 35 of The Securities and Exchange Board of India Act, 1992
- (1)The Securities and Exchange Board of India Ordinance, 1992 (Ord. 5 of 1992), is hereby repealed.
- (2)Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of this Act. [THE SCHEDULE.] Rep. by the Repealing and Amending Act, 2001 (30 of 2001), s. 2 and the First Schedule (w.e.f. 3-9-2001). STATEMENT OF OBJECTS AND REASONS Securities and exchange board of India (SEBI) was established in 1968 through a government resolution to promote orderly and healthy growth of the securities market and for investors protection SEBI has been monitoring the activities of stock exchange mutual funds and merchant bankers, etc., to achieve these goal. The capital market has witnessed tremendous growth in recent times, characterised particularly by the increasing participation of the public. Investors’ confidence in the capital market can be sustained largely by ensuring investors' protection, with this end in view, government decided to vest SEBI immediately with statutory powers required to deal effectively with all matters relating to capital market. As parliament was not in session, and there was an urgent need to instil a sense of confidence in the public in the growth and stability of the capital market, the president promulgated the securities and exchange board of India ordinance, 1992 (No. 5 of 1902) on the 30th January, 1992. 3. The Bill seeks to replace the aforesaid ordinance. MANMOHAN SINGH. NEW DELHI; The 24th February, 1992,
↩1.Ins. by Act 27 of 2014, s. 23 (w.e.f. 18-7-2013).
Summary
- This section officially cancels the previous law, which was called the Securities and Exchange Board of India Ordinance, 1992 (Ord. 5 of 1992).
- Even though the old Ordinance is cancelled, the law protects any actions or decisions that were already made under it.
- Those past actions are now legally treated as if they were done under the matching sections of this new Act.
Practical examples
FAQ
1. Does the old 1992 Ordinance still have any legal power?
No, this section explicitly cancels the Securities and Exchange Board of India Ordinance, 1992.
2. What happens to legal actions or decisions that started before the new Act was passed?
Any action taken under the cancelled Ordinance is saved. It is legally considered to have been taken under the corresponding part of the new Act.
3. Do people need to reapply for things they already finished under the old Ordinance?
No, they do not. The savings rule ensures that past actions automatically carry over to the new law without needing to be repeated.
Test yourself
Q1.Under Section 35 of The Securities and Exchange Board of India Act, 1992, which specific legal document is officially repealed?
Q2.Under Section 35 of The Securities and Exchange Board of India Act, 1992, what is the legal status of an action that was completely finalized under the repealed Ordinance?
Q3.A government official issued a binding order in February 1992 using powers from the Securities and Exchange Board of India Ordinance, 1992. Under Section 35 of The Securities and Exchange Board of India Act, 1992, how does the repeal of the Ordinance affect this past order?
Q4.Under Section 35 of The Securities and Exchange Board of India Act, 1992, what is the exact identification number of the Ordinance that is repealed by this provision?