Reserve Fund requirement limits SEBI surplus accumulation and mandates transfer of remaining surplus to the Consolidated Fund. Proposes amendments to section 14 to require inclusion of capital expenditure, creation of a Reserve Fund credited with a portion of annual General Fund surplus until it equals two years' prior expenditure, and transfer of remaining surplus to the Consolidated Fund of India after specified expenses and Reserve Fund transfers.
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Provisions expressly mentioned in the judgment/order text.
Reserve Fund requirement limits SEBI surplus accumulation and mandates transfer of remaining surplus to the Consolidated Fund.
Proposes amendments to section 14 to require inclusion of capital expenditure, creation of a Reserve Fund credited with a portion of annual General Fund surplus until it equals two years' prior expenditure, and transfer of remaining surplus to the Consolidated Fund of India after specified expenses and Reserve Fund transfers.
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