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of <h1>Central government loses power to exempt persons from securities market regulations under Section 28</h1> Section 28 of the Securities and Exchange Board of India Act, 1992, originally granted the central government power to exempt persons or classes of persons from certain securities market regulations when deemed necessary in public interest. The provision allowed exemptions from subsection (1) of Section 12 for those buying, selling, or dealing with securities. However, this exemption power was completely omitted through the Securities Laws (Amendment) Act, 1995, effective January 25, 1995, removing the government's discretionary authority to grant such regulatory exemptions.
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