Section 13 in The Securities and Exchange Board of India Act, 1992

Title: Grants by the Central Government

Description: The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Board grants of such sums of money as that Government may think fit for being utilised for the purposes of this Act.

Title: Fund

Description: (1) There shall be constituted a Fund to be called the Securities and Exchange Board of India General Fund and there shall be credited thereto--- (a) all grants, fees and charges received by the Board under this Act; 1*** 2***** (b) all sums received by the Board from such other sources as may be decided upon by the Central Government. (2) The Fund shall be applied for meeting— (a) the salaries, allowances and other remuneration of the members, officers and other employees of the Board; (b) the expenses of the Board in the discharge of its functions under section 11; (c) the expenses on objects and for purposes authorised by this Act. 1. The word "and" omitted by Act 9 of 1995, s. 8 (w.e.f. 25-1-1995). 2. Clause (aa) omitted by Act 59 of 2002, s. 8 (w.e.f. 29-10-2002).

Title: Accounts and audit

Description: (1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts of the Board shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General of India. (3) The Comptroller and Auditor-General of India and any other person appointed by him in connection with the audit of the accounts of the Board shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General generally has in connection with the audit of the Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Board. (4) The accounts of the Board as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.

Title: Penalty for failure to furnish information, return, etc

Description: 1[15A. Penalty for failure to furnish information, return, etc-- If any person, who is required under this Act or any rules or regulations made thereunder,--- (a) to furnish any document, return or report to the Board, fails to furnish the same, 2[or who furnishes or files false, incorrect or incomplete information, return, report, books or other documents] he shall be liable to 3[a penalty 4[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees;]] (b) to file any return or furnish any information, books or other documents within the time specified therefor in the regulations, fails to file return or furnish the same within the time specified therefor in the regulations, he shall be liable to 5[a penalty 3[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees;]] (c) to maintain books of account or records, fails to maintain the same, he shall be liable to 6[a penalty 3[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees.]] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Ins. by Act 13 of 2018, s. 181 (w.e.f. 8-3-2019). 3. Subs. by Act 59 of 2002, s. 9, for "a penalty not exceeding one lakh and fifty thousand rupees for each such failure" (w.e.f. 29-10-2002). 4. Subs. by Act 27 of 2014, s. 6, for certain words (w.e.f. 8-9-2014). 5. Subs. by Act 59 of 2002, s. 9, for "a penalty not exceeding five thousand rupees for every day during which such failure continues" (w.e.f. 29-10-2002). 6. Subs. by s. 9, ibid., for "a penalty not exceeding ten thousand rupees for every day during which such failure continues" (w.e.f. 29-10-2002).

Title: Penalty for failure by any person to enter into agreement with clients.

Description: 1[15B. Penalty for failure by any person to enter into agreement with clients.-- If any person, who is registered as an intermediary and is required under this Act or any rules or regulations made thereunder to enter into an agreement with his client, fails to enter into such agreement, he shall be liable to 2[a penalty 3[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees.]] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995)/b 2. Subs. by s. 10, ibid., for "a penalty not exceeding five lakh rupees for every such failure" (w.e.f. 29-10-2002). 3. Subs. by Act 27 of 2014, s. 7, for certain words (w.e.f.8-9-2014).