Section 25 in The Securities and Exchange Board of India Act, 1992

Title: Exemption from tax on wealth and income

Description: Notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957), the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax on wealth, income, profits or gains (a) the Board; (b) the existing Securities and Exchange Board from the date of its constitution to the date of establishment of the Board, shall not be liable to pay wealth-tax, income-tax or any other tax in respect of their wealth, income, profits or gains derived.

Title: Cognizance of offences by courts

Description: (1) No court shall take cognizance of any offence punishable under this Act or any rules or regulations made thereunder, save on a complaint made by the Board 1***. 2** 1. The words "with the previous sanction of the Central Government" omitted by Act 9 of 1995, s. 14 (w.e.f. 25-1-1995). 2. Sub-section (2) omitted by Act 27 of 2014, s. 19 (w.e.f. 18-7-2013).

Title: Establishment of Special Courts

Description: 1[26A. Establishment of Special Courts.--(1) The Central Government may, for the purpose of providing speedy trial of offences under this Act, by notification, establish or designate as many Special Courts as may be necessary. (2) A Special Court shall consist of a single judge who shall be appointed by the Central Government with the concurrence of the Chief Justice of the High Court within whose jurisdiction the judge to be appointed is working. (3) A person shall not be qualified for appointment as a judge of a Special Court unless he is, immediately before such appointment, holding the office of a Sessions Judge or an Additional Sessions Judge, as the case may be. 1. Ins. by s. 20, ibid. (w.e.f. 18-7-2013).

Title: Offences triable by Special Courts

Description: 1[26B. Offences triable by Special Courts.-- Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), all offences under this Act committed prior to the date of commencement of the Securities Laws (Amendment) Act, 2014 (27 of 2014) or on or after the date of such commencement, shall be taken cognizance of and tried by the Special Court established for the area in which the offence is committed or where there are more Special Courts than one for such area, by such one of them as may be specified in this behalf by the High Court concerned.] 1. Ins. by Act 27 of 2014, s. 20 (w.e.f. 18-7-2013).

Title: Appeal and revision

Description: 1[26C. Appeal and revision.-- The High Court may exercise, so far as may be applicable, all the powers conferred by Chapters XXIX and XXX of the Code of Criminal Procedure, 1973 (2 of 1974) on a High Court, as if a Special Court within the local limits of the jurisdiction of the High Court were a Court of Session trying cases within the local limits of the jurisdiction of the High Court.] 1. Ins. by Act 27 of 2014, s. 20 (w.e.f. 18-7-2013)

CHAPTER 7 MISCELLANEOUS