Board to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities

In force From 30 Jan 1992 Act 15 of 1992 As on 15 Oct 2026

Act 15 of 1992 Ministry Finance Enacted 04 Apr 1992 In force 30 Jan 1992 Cited by 3 provisions Instruments 7

Section 11A of the Securities and Exchange Board of India Act, 1992 deals with board to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities. [[11A. Board to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities.-- (1) Without prejudice to the provisions of the Companies Act, 1956 (1 of 1956), the Board may, for the protection of investors,--- (a) specify, by regulations-- (i) t The Act came into force on 30 Jan 1992.

¹ [²[11A. Board to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities.-- (1) Without prejudice to the provisions of the Companies Act, 1956 (1 of 1956), the Board may, for the protection of investors,---
(a) specify, by regulations--
(i) the matters relating to issue of capital, transfer of securities and other matters incidental thereto; and
(ii) the manner in which such matters shall be disclosed by the companies;
(b) by general or special orders---
(i) prohibit any company from issuing prospectus, any offer document, or advertisement soliciting money from the public for the issue of securities;
(ii) specify the conditions subject to which the prospectus, such offer document or advertisement, if not prohibited, may be issued.
(2) Without prejudice to the provisions of section 21 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board may specify the requirements for listing and transfer of securities and other matters incidental thereto.]
Section 11A, The Securities and Exchange Board of India Act, 1992 (Act 15 of 1992).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

Referred to by 3

Related judgements & precedents

These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.

Sahara India Real Estate Corporation Ltd. v. Securities and Exchange Board of India

Supreme Court of India 31 Aug 2012 Binding (Supreme Court — SEBI's s.11A duty/power to regulate or prohibit prospectus, offer document or advertisement soliciting money for issue of securities is central to investor-protection jurisdiction over public offerings, including hybrid instruments marketed to the public) C.A. Nos. 9813 & 9833/2011 (SC); Judgment 31.08.2012 (K.S. Radhakrishnan & Jagdish Singh Khehar JJ.); (2013) 1 SCC 1

Court's Decision & Legal Precedent

Saharas raised massive public funds via OFCDs under RHPs. The Court upheld SEBI's regulatory reach: s.11A authorises SEBI, without prejudice to the Companies Act, to regulate/prohibit prospectus, offer documents and advertisements soliciting money for securities issues and to protect investors in listed or listing-intended securities. Hybrid public offerings cannot escape SEBI by private-placement labels. DATE-VERIFIED: index Judgment order-35.pdf 2012-08-31; served PDF is C.A. 9813/2011 Sahara reportable with Radhakrishnan & Khehar opinions (portal WRONG DOCUMENT false-positive on cited intermediate dates; conversion truncates closing date line — index date used).

On this section: s.11A is the statutory hook for SEBI regulation/prohibition of public-offer solicitations and investor-protection conditions on capital issues.

Read the full order on eCourts India

The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.

Judgments citing this section

These may be obiter dicta or a precedent, for you to study. These are the judgments where this section is quoted.

High Court 28 Nov 2014 TRHC010016792013

… and Exchange Board of India, (hereinafter referred to as the SEBI) cannot have any authority to intervene in the business of the petitioner as the deposit collected by the petitioner does not fall within the ambit and meaning of the Collective Investment Scheme (hereinafter referred to as the CIS) as provided under Section 11A of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act, 1992) which provides as under: > 11.A. (1) Without prejudice to the provisions of the Companies Act, 1956, the Board may, for the protection of investors,— (a) Specify, by regulations— (i) The matters relating …

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High Court 28 Nov 2014 TRHC010013512013

… and Exchange Board of India, (hereinafter referred to as the SEBI) cannot have any authority to intervene in the business of the petitioner as the deposit collected by the petitioner does not fall within the ambit and meaning of the Collective Investment Scheme (hereinafter referred to as the CIS) as provided under Section 11A of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act, 1992) which provides as under: > 11.A. (1) Without prejudice to the provisions of the Companies Act, 1956, the Board may, for the protection of investors,— (a) Specify, by regulations— (i) The matters relating …

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High Court 28 Nov 2014 TRHC010034402013

… and Exchange Board of India, (hereinafter referred to as the SEBI) cannot have any authority to intervene in the business of the petitioner as the deposit collected by the petitioner does not fall within the ambit and meaning of the Collective Investment Scheme (hereinafter referred to as the CIS) as provided under Section 11A of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act, 1992) which provides as under: > 11.A. (1) Without prejudice to the provisions of the Companies Act, 1956, the Board may, for the protection of investors,— (a) Specify, by regulations— (i) The matters relating …

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Made under this section, and citing it

3 instruments state that it was made under this provision — the power to make it comes from here, so a change to any of them changes what this section requires in practice. Newest first.

Another 4 instruments name this provision in its title or its text without being made under it.

All subordinate legislation

Questions about Section 11A

What have the courts held on Section 11A of the Securities and Exchange Board of India Act?

Sahara India Real Estate Corporation Ltd. v. Securities and Exchange Board of India (31 Aug 2012) is the leading judgment on this section among those set out below: s.11A is the statutory hook for SEBI regulation/prohibition of public-offer solicitations and investor-protection conditions on capital issues.

How do I find court cases under Section 11A of the Securities and Exchange Board of India Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Sebi Act 11A, section 11A Sebi Act, section 11A of the Securities and Exchange Board of India Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with Sahara India Real Estate Corporation Ltd. v. Securities and Exchange Board of India (31 Aug 2012).

What should I read with Section 11A of the Securities and Exchange Board of India Act, and has it changed?

3 other provisions in this corpus refer back to it. The rules and notifications made under it are where it actually bites, and there are 3: most recently the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. (last amended on March 06, 2017) (2017), then SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Last amended on July 29, 2019) (2015), and 1 more.

When did Section 11A of the Securities and Exchange Board of India Act come into force?

Section 11A of the Securities and Exchange Board of India Act, cited as Sebi Act 11A, came into force on 30 Jan 1992, having been enacted on 04 Apr 1992. It is in force as at the date shown on this page.

Other sections of this Act

11. Functions of Board1315 words
11C. Investigation1145 words
12. Registration of stock-brokers, sub-brokers, share transfer agents, etc678 words
28A. Recovery of amounts629 words
15U. Procedure and powers of the Securities Appellate Tribunal494 words
15D. Penalty for certain defaults in case of mutual funds464 words

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 15 Oct 2026. This page is not a substitute for legal advice.