The Securities and Exchange Board of India (Amendment) Act, 2002

Extract

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The Securities and Exchange Board of India (Amendment) Act, 2002

THE SECURITIES AND EXCHANGE BOARD OF INDIA (AMENDMENT) ACT, 2002 ACT NO. 59 OF 2002

[17th December, 2002.]

An Act further to amend the Securities and Exchange Board of India Act, 1992.

BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:-

1.

Short title and commencement.

1. Short title and commencement.-(1) This Act may be called the Securities and Exchange Board of India (Amendment) Act, 2002.

(2) It shall be deemed to have come into force on the 29th day of October, 2002.

2.

Amendment of section 2.

2. Amendment of section 2.-In section 2 of the Securities and Exchange Board of India Act, 1992 (15of 1992) (hereinafter referred to as the principal Act), in sub-section (1), after clause (h), the following clause shall be inserted, namely:-

'(ha) "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);'.

3.

Amendment of section 4.

3. Amendment of section 4.-In section 4 of the principal Act,-

(a) in sub-section (1),-

(i) in clause (b),-

(A) for the word "Ministries", the word "Ministry" shall be substituted;

(B) for the words "and Law", the words and figures "and administration of the Companies Act, 1956 (1 of 1956)" shall be substituted;

(ii) in clause (c), for the words and figures "the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)", the words "the Reserve Bank" shall be substituted;

(iii) for clause (d), the following clause shall be substituted, namely:-

"(d) five other members of whom at least three shall be the whole-time members,";

(b) in sub-section (4), for the words "Reserv...

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