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CS Executive · Capital Market and Securities Laws · Securities and Exchange Board of India

Meera, a company secretary trainee, reads that the Act came into force on 30 January 1992 although it was enacted later. Which Ordinance was repealed, with actions under it saved, by the SEBI Act, 1992?

The Securities and Exchange Board of India Ordinance, 1992 was repealed by Section 35(1). Anything done or action taken under that Ordinance is deemed to have been done under the corresponding provisions of the Act, which preserves its continuity.

  1. AThe Securities Contracts Ordinance, 1956
  2. BThe Securities and Exchange Board of India Ordinance, 1992Correct
  3. CThe Depositories Ordinance, 1996
  4. DThe Industrial Disputes Ordinance, 1947

Explanation

Section 35(1) repeals the Securities and Exchange Board of India Ordinance, 1992. Section 35(2) provides that anything done under the Ordinance is deemed done under the corresponding provisions of the Act. The other named instruments are not repealed by this section.

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