Section 28B in The Securities and Exchange Board of India Act, 1992

Title: Continuance of proceedings

Description: 1[28B. Continuance of proceedings.—(1) Where a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to pay, if he had not died, in the like manner and to the same extent as the deceased: Provided that, in case of any penalty payable under this Act, a legal representative shall be liable only in case the penalty has been imposed before the death of the deceased person. (2) For the purposes of sub-section (1),— (a) any proceeding for disgorgement, refund or an action for recovery before the Recovery Officer under this Act, except a proceeding for levy of penalty, initiated against the deceased before his death, shall be deemed to have been initiated against the legal representative, and may be continued against the legal representative from the stage at which it stood on the date of the death of the deceased and all the provisions of this Act shall apply accordingly; (b) any proceeding for disgorgement, refund or an action for recovery before the Recovery Officer under this Act, except a proceeding for levy of penalty, which could have been initiated against the deceased if he had survived, may be initiated against the legal representative and all the provisions of this Act shall apply accordingly. (3) Every legal representative shall be personally liable for any sum payable by him in his capacity as legal representative if, while his liability for such sum remains undischarged, he creates a charge on or disposes of or parts with any assets of the estate of the deceased, which are in, or may come into, his possession, but such liability shall be limited to the value of the asset so charged, disposed of or parted with. (4) The liability of a legal representative under this section shall be limited to the extent to which the estate of the deceased is capable of meeting the liability. Explanation.—For the purposes of this section “legal representative” means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character, the person on whom the estate devolves on the death of the party so suing or sued.] 1 Ins. by Act 13 of 2018, s. 190 (w.e.f. 8-3-2019).

Title: Power to make rules

Description: (1) The Central Government may, by notification, make rules for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely: (a) the term of office and other conditions of service of the Chairman and the members under sub-section (1) of section 5; (b) the additional functions that may be performed by the Board under section 11; 1*****; (d) the manner in which the accounts of the Board shall be maintained under section 15; 2[(da) the manner of inquiry under sub-section (1) of section 15-I; (db) the salaries and allowances and other terms and conditions of service of the 3[ Presiding Officers, Members] and other officers and employees of the Securities Appellate Tribunal under section 15-O and sub-section (3) of section 15S; (dc) the procedure for the investigation of misbehaviour or incapacity of the 4Presiding Officers, or other Members] of the Securities Appellate Tribunal under sub-section (3) of section 15Q; (dd) the form in which an appeal may be filed before the Securities Appellate Tribunal under section 15T and the fees payable in respect of such appeal]; (e) the form and the manner in which returns and report to be made to the Central Government under section 18; (f) any other matter which is to be, or may be, prescribed, or in respect of which provision is to be, or may be, made by rules. 1. Clause (c) omitted by Act 9 of 1995, s. 16 (w.e.f. 25-1-1995). 2. Ins. by s. 16, ibid. (w.e.f. 25-1-1995). 3. Subs. by Act 59 of 2002, s. 31, for "Presiding Officers" (w.e.f. 29-10-2002). 4. Subs. by s. 31, ibid., for "Presiding Officers" (w.e.f. 29-10-2002).

Title: Power to make regulations

Description: (1) The Board may, 1*** by notification, make regulations consistent with this Act and the rules made thereunder to carry out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the times and places of meetings of the Board and the procedure to be followed at such meetings under sub-section (1) of section 7 including quorum necessary for the transaction of business; (b) the term and other conditions of service of officers and employees of the Board under sub-section (2) of section 9; 2[(c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matters shall be disclosed by the companies under section 11A; 3[(ca) the utilisation of the amount credited under sub-section (5) of section 11; (cb) the fulfilment of other conditions relating to collective investment scheme under sub-section (2A) of section 11AA;] (d) the conditions subject to which certificate of registration is to be issued, the amount of fee to be paid for certificate of registration and the manner of suspension or cancellation of certificate of registration under section 12;] 4[(da) the terms determined by the Board for settlement of proceedings under sub-section (2) and the procedure for conducting of settlement proceedings under sub-section (3) of section 15JB; (db) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be made by regulations.] 1. The words "with the previous approval of the Central Government" omitted by Act 9 of 1995, s. 17 (w.e.f. 25-1-1995). 2. Subs. by Act 9 of 1995, s. 17, for clause (c) (w.e.f. 25-1-1995). 3. Ins. by Act 27 of 2014, s. 22 (w.e.f. 18-7-2013). 4. Ins. by s. 22, ibid. (w.e.f. 18-7-2013).

Title: Rules and regulations to be laid before Parliament

Description: Every rule and every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.

Title: Application of other laws not barred

Description: The provisions of this Act shall be in addition to, and not in derogation of, the provisions of any other law for the time being in force.

CHAPTER 7 MISCELLANEOUS