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of <h1>SEBI's Authority Under Section 12A: Safeguarding Investors and Ensuring Orderly Securities Market Development</h1> Section 12A of the Securities Contracts (Regulation) Act, 1956 empowers the Securities and Exchange Board of India (SEBI) to issue directions to protect investors and ensure the orderly development of the securities market. SEBI can intervene if the operations of recognized stock exchanges or related entities are detrimental to investor interests. It can direct any associated person or company whose securities are listed on a recognized exchange. Additionally, SEBI can impose penalties for violations, requiring disgorgement of wrongful gains or losses averted through contraventions of the Act. This authority was reinforced by amendments in 2004, 2013, and 2018.
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