Cease and desist proceedings
Section 11D of the Securities and Exchange Board of India Act, 1992 deals with cease and desist proceedings. If the Board finds, after causing an inquiry to be made, that any person has violated, or is likely to violate, any provisions of this Act, or any rules or regulations made thereunder, it may pass an order requiring such person to cease and desist from committing or causing such violation: Provided The Act came into force on 30 Jan 1992.
1[11D. Cease and desist proceedings.-- If the Board finds, after causing an inquiry to be made, that any person has violated, or is likely to violate, any provisions of this Act, or any rules or regulations made thereunder, it may pass an order requiring such person to cease and desist from committing or causing such violation:
Provided that the Board shall not pass such order in respect of any listed public company or a public company (other than the intermediaries specified under section 12) which intends to get its securities listed on any recognised stock exchange unless the Board has reasonable grounds to believe that such company has indulged in insider trading or market manipulation.]
Section 11D, 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.
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.
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Securities and Exchange Board of India v. National Securities Depository Ltd. (with NSDL v. SEBI)
Court's Decision & Legal Precedent
REPORTABLE Judgment 07.03.2017 (order-4.pdf; Pinaki Chandra Ghose & R.F. Nariman JJ.; body ends "New Delhi; March 7, 2017" matching order index Judgment of Main Case 2017-03-07; DATE note: MCP auto-flag cited embedded circular dates 2005-11-09/2006-01-09/2006-09-29 inside the judgment narrative — disregarded as exhibit dates, same pattern as wave400). Held: appeal to SAT under s.15T lies only against quasi-judicial orders of the Board/adjudicating officer, not against administrative circulars under s.11(1) or legislative regulations under s.30. In mapping SEBI’s quasi-judicial catalogue, the Court expressly lists s.11D (Cease and desist proceedings) with ss.11(4), 11B, 12(3) and 15-I as orders after inquiry affecting rights that attract SAT appeal. Administrative dematerialisation-charges circular under s.11(1) held outside SAT jurisdiction; SEBI’s preliminary objection sustained; NSDL’s merits appeal dismissed with liberty to seek judicial review under Art.226.
On this section: s.11D Cease and desist proceedings — classified as a quasi-judicial SEBI power (inquiry + cease-and-desist order) appealable under s.15T, distinct from administrative s.11(1) circulars.
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.
Made under this section, and citing it
2 instruments name this provision in its title or its text without being made under it.
Questions about Section 11D
What have the courts held on Section 11D of the Securities and Exchange Board of India Act?
Securities and Exchange Board of India v. National Securities Depository Ltd. (with NSDL v. SEBI) (07 Mar 2017) is the leading judgment on this section among those set out below: s.11D Cease and desist proceedings — classified as a quasi-judicial SEBI power (inquiry + cease-and-desist order) appealable under s.15T, distinct from administrative s.11(1) circulars.
How do I find court cases under Section 11D 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 11D, section 11D Sebi Act, section 11D 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 Securities and Exchange Board of India v. National Securities Depository Ltd. (with NSDL v. SEBI) (07 Mar 2017).
What should I read with Section 11D of the Securities and Exchange Board of India Act, and has it changed?
Its own text turns on section 12 (Registration of stock-brokers, sub-brokers, share transfer agents, etc), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it. 2 instruments name it without being made under it, most recently SEBI (Settlement Proceedings) Regulations, 2018 (2018), then the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013. (last amended on October 09, 2018) (2018).
When did Section 11D of the Securities and Exchange Board of India Act come into force?
Section 11D of the Securities and Exchange Board of India Act, cited as Sebi Act 11D, 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 17 Oct 2026. This page is not a substitute for legal advice.