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<h1>Transfer of SEBI assets, liabilities and proceedings to the new Board; employees retain terms, absorption excludes ID Act compensation.</h1> On establishment of the Board, references to the existing Securities and Exchange Board shall be treated as references to the Board; the existing Board's assets vest in the Board and its rights, debts, obligations, contracts and liabilities transfer to the Board; sums due to the existing Board are deemed due to the Board; pending or potential suits may be continued or instituted by or against the Board; employees continue with the same tenure and terms or may opt out within six months, and absorption does not confer entitlement to compensation under the Industrial Disputes Act or other laws.