Section 14
Fund.
The Securities and Exchange Board of India Act, 1992
About this Act
An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto.
(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.
(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.
Notes
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).
2. Clause (aa) omitted by Act 59 of 2002, s. 8 (w.e.f. 29-10-2002).