Transfer of Regulatory Undertaking: Commission assets and functions vest with the Securities and Exchange Board; proceedings and benefits transfer. On repeal of the Forward Contracts Act the Commission's undertaking is transferred and vested in the Securities and Exchange Board; existing proceedings and concessions related to the undertaking transfer to the Board; employees (excluding members) will hold office in the Central Government or the Board on the same terms with a deputation mechanism and a six month option to decline continuation; members cease to hold office and neither members nor employees are entitled to compensation for loss of office; the transfer is exempt from stamp duty.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of Regulatory Undertaking: Commission assets and functions vest with the Securities and Exchange Board; proceedings and benefits transfer.
On repeal of the Forward Contracts Act the Commission's undertaking is transferred and vested in the Securities and Exchange Board; existing proceedings and concessions related to the undertaking transfer to the Board; employees (excluding members) will hold office in the Central Government or the Board on the same terms with a deputation mechanism and a six month option to decline continuation; members cease to hold office and neither members nor employees are entitled to compensation for loss of office; the transfer is exempt from stamp duty.
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