Establishment and incorporation of Board
Section 3 of the Securities and Exchange Board of India Act, 1992 deals with establishment and incorporation of Board. With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, a Board by the name of the Securities and Exchange Board of India. The Act came into force on 30 Jan 1992.
(1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, a Board by the name of the Securities and Exchange Board of India.
(2) The Board shall be a body corporate by the name aforesaid, having perpetual succession and a common seal, with power subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall, by the said name, sue or be sued.
(3) The head office of the Board shall be at Bombay.
(4) The Board may establish offices at other places in India.
Section 3, 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 36
- Companies Act s. 2 Definitions
- Companies Act, 1956 No. 1 of 1956 s. 2
- Companies Act, 1956 No. 1 of 1956 s. 153B
- Companies Act, 1956 No. 1 of 1956 s. 658
- Depositories Act s. 2 Definitions
- Finance Act s. 21 Amendment of section 47
- Finance Act s. 26 Amendment of section 43
- Finance Act s. 29 Amendment of section 47
- Finance Act s. 34 Amendment of section 55
- Finance Act s. 23 Amendment of section 47
- Finance Act s. 30 Amendment of section 47
- Finance Act s. 114 Insertion of new section 8B in Act 2 of 1899
and 24 more
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 & Exchange Board of India vs Ajay Agarwal
Court's Decision & Legal Precedent
Procedural provisions of law, including Section 11-B and Section 11(4)(b) of the SEBI Act, can be applied retrospectively to alleged misconduct occurring prior to the enactment of such amendments, because: (1) procedural laws apply to all actions, pending and future, and no person has a vested right in any course of procedure; (2) such application does not violate Article 20(1) of the Constitution as the respondent has not been charged with an 'offence' or subjected to a 'penalty' in the criminal law sense, but has merely been restrained from certain activities by an administrative order; (3) even if viewed as operating prospectively, the actual exercise of power by the SEBI Chairman on 31 March 2004 was lawful as the amendments were then in force; and (4) the respondent's receipt of adequate notice through the show cause notice invoking Section 11-B and fair hearing opportunity negates any procedural unfairness.
On this section: Establishment of SEBI as a body corporate
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.
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… (ab) in relation to a capital asset, being equity share or share allotted to a shareholder of a recognised stock exchange in India under a scheme for demutilisation or corporatisation approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), shall be the cost of acquisition of his original membership of the exchange: Provided that the cost of a capital asset, being trading or clearing rights of the recognised stock exchange acquired by a shareholder who has been allotted equity …
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… (ab) in relation to a capital asset, being equity share or share allotted to a shareholder of a recognised stock exchange in India under a scheme for demutilisation or corporatisation approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), shall be the cost of acquisition of his original membership of the exchange: Provided that the cost of a capital asset, being trading or clearing rights of the recognised stock exchange acquired by a shareholder who has been allotted equity …
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… (ab) in relation to a capital asset, being equity share or share allotted to a shareholder of a recognised stock exchange in India under a scheme for demutilisation or corporatisation approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), shall be the cost of acquisition of his original membership of the exchange: Provided that the cost of a capital asset, being trading or clearing rights of the recognised stock exchange acquired by a shareholder who has been allotted equity …
Made under this section, and citing it
40 instruments name this provision in its title or its text without being made under it.
- Securities and Exchange Board of India (Annual Report) Rules, 2021Rule 2021
- (Employees' Service) Regulations, 2001 Last amended on May 08, 2019Regulation 2019
- Securities and Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018 (last amended on September 23, 2019)Regulation 2019
- Securities and Exchange Board of India (Issue and Listing of Debt Securities by Municipalities) (Amendment) Regulations, 2019Regulation 2019
- the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 last amended on May 10, 2019.Regulation 2019
- the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018. last amended on 29.07.2019Regulation 2019
- the Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996.Last amended on 22.03.2019Regulation 2019
- the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019Regulation 2019
- the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.Regulation 2019
- the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (last amended on 22.04.2019)Regulation 2019
- the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006. Last amended on March 22, 2019Regulation 2019
- the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers Regulations, 2011.last amended on July 29, 2019Regulation 2019
- the Securities and ExchangeBoard of India (Delisting of Equity Shares) Regulations,2009. (last amended on July 29, 2019Regulation 2019
- SEBI (Bankers to an Issue) Regulations, 1994 Last amended on May 30, 2018Regulation 2018
- SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 Last amended on December 31, 2018Regulation 2018
- SEBI (Settlement Proceedings) Regulations, 2018Regulation 2018
- Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations Regulations, 2018 Last amended on June 04, 2019Regulation 2018
- Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018Regulation 2018
- Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 Last amended on June 04, 2019Regulation 2018
- Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 Last amended on October 09, 2018Regulation 2018
- the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013. (last amended on October 09, 2018)Regulation 2018
- Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004. Last amended on March 6, 2017Regulation 2017
- the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999. Last amended on March 06, 2017Regulation 2017
- the Securities and Exchange Board of India (Investor Protection and Education Fund) Regulations, 2009 (Last amended on March 6, 2017)Regulation 2017
- the Securities and Exchange Board of India KYC (Know Your Client) REGISTRATION AGENCY Regulations, 2011.(last amended on March 6, 2017)Regulation 2017
- the Securities and Exchange Board of India (Research Analysts) Regulations, 2014.(last amended on December 08, 2016)Regulation 2016
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Last amended on July 29, 2019)Regulation 2015
- the Securities and Exchange Board of India (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015.Regulation 2015
- SEBI (Central Database Of Market Participants) Regulations, 2003 Last amended on January 07, 2014Regulation 2014
- the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 last amended on February 07, 2014Regulation 2014
- the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013.Regulation 2013
- SEBI (Delisting of Equity Shares) Regulations, 2009 - last amended on July 29, 2019Regulation 2009
- the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008.Regulation 2008
- the Securities and Exchange Board of India (Ombudsman) Regulations, 2003.Regulation 2003
- Depositories (Appeal to Central Government) Rules, 1998Rule 1998
- SEBI (Appeal to Central Government) Rules, 1993Rule 1993
- the Securities and Exchange Board of India (Appeal to the Central Government) Rules, 1993.Rule 1993
- SEBI (Terms and Conditions of Service of Chairman and Members) Rules, 1992Rule 1992
- the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992.Rule 1992
- Securities Contracts (Reference to the Company Law Board) Rules, 1986Rule 1986
Questions about Section 3
What have the courts held on Section 3 of the Securities and Exchange Board of India Act?
Securities & Exchange Board of India vs Ajay Agarwal (25 Feb 2010) is the leading judgment on this section among those set out below: Establishment of SEBI as a body corporate.
How do I find court cases under Section 3 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 3, section 3 Sebi Act, section 3 of the Securities and Exchange Board of India Act. People searching for it also type section 3 of the securities and exchange board of india act 1992. 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 & Exchange Board of India vs Ajay Agarwal (25 Feb 2010).
What should I read with Section 3 of the Securities and Exchange Board of India Act, and has it changed?
36 other provisions in this corpus refer back to it. 40 instruments name it without being made under it, most recently Securities and Exchange Board of India (Annual Report) Rules, 2021 (2021), then (Employees' Service) Regulations, 2001 Last amended on May 08, 2019 (2019).
When did Section 3 of the Securities and Exchange Board of India Act come into force?
Section 3 of the Securities and Exchange Board of India Act, cited as Sebi Act 3, 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 19 Oct 2026. This page is not a substitute for legal advice.