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

Meera, a law trainee, is asked from which date the SEBI Act, 1992 is deemed to have come into force. Which answer matches Section 1?

The Act is deemed to have come into force on 30 January 1992 under Section 1(3). The 1988 date relates only to the resolution constituting the earlier non-statutory board, and establishment of the Board follows a separately notified date.

  1. AThe date on which the Board was established by notification under Section 3
  2. B30th day of January, 1992Correct
  3. C12th day of April, 1988
  4. DThe date of publication of the Act in the Gazette

Explanation

Section 1(3) provides that the Act is deemed to have come into force on 30 January 1992. 12 April 1988 is the date of the Government resolution that constituted the existing Securities and Exchange Board, which is a different body. Establishment of the Board under Section 3 depends on a notified date and does not fix commencement of the Act.

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