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<h1>SEBI can issue cease and desist orders against violators but listed companies get exemptions unless insider trading suspected</h1> The Securities and Exchange Board of India Act, 1992 empowers SEBI to issue cease and desist orders against persons who have violated or are likely to violate provisions of the Act or its rules and regulations. The Board may require such persons to stop committing violations after conducting an inquiry. However, listed public companies and companies intending to list securities are exempt from such orders unless SEBI has reasonable grounds to believe they engaged in insider trading or market manipulation. This provision was inserted through the 2002 amendment to the Act.