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Date: 28-Feb-2023 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification SEBI/LAD-NRO/GN/2023/126 introduces the Securities and Exchange Board of India (Investor Protection and Education Fund) (Amendment) Regulations, 2023.
  • These regulations amend the Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009.
  • The amendment allows for the utilization of the Investor Protection and Education Fund to reward informants who provide original information to SEBI, leading to the recovery of amounts under specific sections of the SEBI Act, Securities Contracts (Regulation) Act, and Depositories Act.
  • The amendment also modifies the utilization of funds to include rewarding informants who provide original information to the Board to recover amounts directed to be disgorged.

Key Changes

  • Regulation 5 of the Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009 is amended.
  • A new clause (ga) is inserted in sub-regulation (2) of Regulation 5, which allows the Investor Protection and Education Fund to be used for rewarding informants who provide original information to SEBI to recover amounts under Section 28A of the SEBI Act, Section 23JB of the Securities Contracts (Regulation) Act, 1956, or Section 19-IB of the Depositories Act, 1996.
  • Sub-regulation (3) of Regulation 5 is amended to allow the fund to be utilized for rewarding informants who provide original information to the Board to recover amounts directed to be disgorged.
  • The regulations come into force on the date of their publication in the Official Gazette, which is February 28, 2023.

Impact Analysis

Suggested Action Items

  • Legal counsel should analyze the potential implications of the amendment for the company and its officers and directors.

Impact on Stakeholders

  • Securities Market: The amendment could lead to increased transparency and accountability in the securities market, as individuals are incentivized to report wrongdoing.

Key Entities Referenced

SEBI: Securities and Exchange Board of India Securities and Exchange Board of India Act, 1992: The Act that establishes SEBI and defines its powers and functions. Securities Contracts (Regulation) Act, 1956: An act to prevent undesirable transactions in securities by regulating the business of dealing therein, by providing for certain other matters connected therewith and incidental thereto Depositories Act, 1996: An Act to provide for the establishment of depositories with the object of ensuring free transferability of securities with speed, accuracy and security by (a) making securities fungible and marketable; (b) dematerialisation of securities; and (c) providing for maintenance of ownership records in a book entry form. Investor Protection and Education Fund: A fund established by SEBI to protect the interests of investors and promote investor education.
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-01032023-244018 xxxGIDHxxx CG-MH-E-01032023-244018 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 142] नई ददल्ली, मगं लिार, फरिरी 28, 2023/फाल्ग न 9, 1944 No. 142] NEW DELHI, TUESDAY, FEBRUARY 28, 2023/PHALGUNA 9, 1944 भारतीय प्रजतभजू त और जिजनमय बोडड अजधसचू ना मब ं ई, 28 फरिरी, 2023 भारतीय प्रजतभजू त और जिजनमय बोडड [जिजनधानकता ड(जनििे क) सरं क्षण और जिक्षण जनजध](सिं ोधन) जिजनयम, 2023 सेबी/एल.ए.डी.-एन.आर.ओ./बी.एन./2023/126.— बोड,ड भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 (1992 का 15) की धारा 30 द्वारा प्रदान की गई िजियों का प्रयोग करत े हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड [जिजनधानकताड (जनिेिक) संरक्षण और जिक्षण जनजध]जिजनयम, 2009 का और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथातड :् - 1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड [जिजनधानकताड (जनिेिक) संरक्षण और जिक्षण जनजध](संिोधन)जिजनयम, 2023 कहा जा सकेगा । 2. ये जिजनयम राजपत्र में इनके प्रकािन की तारीखको लागू होंगे । 3. भारतीय प्रजतभूजत और जिजनमय बोडड [जिजनधानकताड (जनिेिक) संरक्षण और जिक्षण जनजध]जिजनयम, 2009 म,ें- I. जिजनयम 5 में, क. उप-जिजनयम (2) म,ें खंड (छ) म,ें िब्द तथा जचह्न “व्यय;” के बाद ददया हुआ िब्द “और” हट जाएगा । 1345 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] ख. उप-जिजनयम (2) म,ें खंड (छ) के बाद, जनम्नजलजखत नया खंड जोड़ा जाएगा, अथाडत,् - “(छक)बोड ड द्वारा समय-समय पर जारी दकए गए ददिाजनदेिों के तहत कोई इनाम देन े के जलए, तादक अजधजनयम की धारा 28क या प्रजतभजू त संजिदा (जिजनयमन) अजधजनयम, 1956 [जसक्यूररटीज़ कॉण्रैक््स (रेग्यूलेिन) एक्ट, 1956] (1956 का 42) की धारा 23ञख (23जेबी) या जनक्षेपागार अजधजनयम, 1996[जडपॉजज़टरीज़ एक्ट,1996] (1996 का 22) की धारा 19-झख (19-आईबी) के तहत रकम की िसूली करन े के उद्देश्य स े बोड ड को मलू सूचना प्रदान करन े के जलए म खजबरों (सूचना प्रदाताओं) को इनाम की रकम अदा की जा सके; और” ग. उप-जिजनयम (3) म,ें िब्दों, जचह्नों तथा अंक “के उपबंधों के होते हुए भी, इन जिजनयमों के जिजनयम 4 के खंड (ज) के अन सार प्रत्यर्पपत और जनजध म ें जमा की गयी रकम ें और उन पर प्रोद्भूत ब्याज का उपयोग, उन मामलों म ें जहााँ बोडड ऐसे पात्र और पहचाने जा सकने िाल े जिजनधानकताडओं (जनिेिकों) को िापस करना ठीक समझे जजन्होंने प्रजतभूजत जिजधयों के अजतक्रमण के पररणामस्ट्िरूप हाजनयााँ उठायी हों, केिल इस प्रकार िापस दकय े जान े के प्रयोजनाथड दकया जायगे ा :” के स्ट्थान पर िब्द, जचह्न तथा अंक“ के प्रािधानों (उपबंधों) के होते हुए भी, इन जिजनयमों के जिजनयम 4 के खंड (ज) के अन सार लौटाई गई (प्रत्यर्पपत की गई) और जनजध (फंड) म ें जमा की गई रकम और उस रकम पर जमल े ब्याज की रकम का उपयोग केिल उन मामलों में पैसा लौटन े के उद्देश्य से दकया जाएगा, जहााँ बोडड उनजनिेिकों को पैसा लौटाना ठीक समझे जो पात्र हों तथा जजनकी पहचान की जा सकती होऔर जजन्ह ें प्रजतभूजतयों (जसक्यूररटीज़) से संबंजधत कानूनी प्रािधानों के उल्लघं न की िजह से न कसान हुआ हो, या दफर उन म खजबरों को इनाम की रकम अदा करन े के उद्देश्य स े दकया जाएगा जजन्होंने बोडड को उस रकम की िसूली करने के संबधं में मलू सूचना प्रदान की हो जजसे लौटाने (प्रत्यर्पपत करने) हते जनदेि जारी दकए गए हों:” आ जाएाँगे । बबीता राय डू, कायडपालक जनदिे क [जिज्ञापन-III/4/असा./668/2022-23] पाद रटप्पण : 1. भारतीय प्रजतभूजत और जिजनमय बोडड [जिजनधानकताड (जनिेिक) संरक्षण और जिक्षण जनजध]जिजनयम, 2009,अजधसूचना स.ं एल.ए.डी-एन.आर.ओ./जी.एन./2009-10/05/163525, 19 मई, 2009 को भारत के राजपत्र म ें प्रकाजित हुए थे। 2. भारतीय प्रजतभूजत और जिजनमय बोडड [जिजनधानकताड (जनिेिक) संरक्षण और जिक्षण जनजध] जिजनयम, 2009, तत्पश्चात:् क) 9 जनिरी, 2014 को भारतीय प्रजतभूजत और जिजनमय बोड ड [जिजनधानकताड (जनिेिक) संरक्षण और जिक्षण जनजध] (संिोधन)जिजनयम, 2014, अजधसूचना सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2013-14/38/49,द्वारा, ख) 6 माचड, 2017 को भारतीय प्रजतभूजत और जिजनमय बोड ड (फीस का भ गतान और भ गतान का माध्यम) (संिोधन) जिजनयम, 2017, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/037, द्वारा, संिोजधत हुए थे ।[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 3 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 28th February, 2023 SECURITIES AND EXCHANGE BOARD OF INDIA (INVESTOR PROTECTION AND EDUCATION FUND) (AMENDMENT) REGULATIONS, 2023 SEBI/LAD-NRO/GN/2023/126.—In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009, namely: - 1. These regulations may be called the Securities and Exchange Board of India (Investor Protection and Education Fund) (Amendment) Regulations, 2023. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009- I. in regulation 5, a. in sub-regulation (2),in clause (g), the word “and” appearing after the word and symbol “Ombudsman;” shall be omitted. b. in sub-regulation (2),after clause (g), the following new clause shall be inserted, namely, - “(ga) any reward under the guidelines as may be issued by the Board from time to time for the grant and payment of reward to the informants for providing original information to the Board to recover amounts under section 28A of the Act or section 23JB of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or section 19-IB of the Depositories Act, 1996 (22 of 1996); and” c. in sub-regulation (3), the words and symbols “, be utilisedonly for the purposes of such restitution:” shall be substituted with the words and symbols “or for rewarding informants who provide original information to the Board to recover amounts directed to be disgorged, be utilised only for the purposes of such restitution or reward:” BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./668/2022-23] Footnotes: 1. The Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009 were published in the Gazette of India on 19th May 2009 vide notification no. LAD-NRO/GN/2009- 10/05/163525. 2. The Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009, were subsequently amended on: a) January 9, 2014 by the Securities and Exchange Board of India (Investor Protection and Education Fund) (Amendment) Regulations, 2014vide notification no. LAD/ NRO/ GN/2013-14/38/49. b) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017vide notification no. SEBI/LAD/NRO/GN/2016-17/037. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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