Section 34 of The Securities and Exchange Board of India Act, 1992
- (1)If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as may appear to be necessary for removing the difficulty: Provided that no order shall be made under this section after the expiry of five years from the commencement of this Act.
- (2)Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.
Summary
- If a difficulty arises in putting this Act into action, the Central Government can publish an order to fix the problem.
- Any order made to remove a difficulty must not contradict the main provisions of the Act.
- The government was only allowed to use this specific power for a period of five years after the Act commenced.
- Every order made to fix a difficulty must be laid before each House of Parliament.
Practical examples
FAQ
1. Who has the authority to issue an order to remove difficulties?
The Central Government holds this power.
2. Can the Central Government use these orders to completely change the Act?
No, the orders must not be inconsistent with the provisions of the Act.
3. Is there a time limit for using this power?
Yes, no order can be made after the expiry of five years from the commencement of the Act.
4. Does Parliament get to see these orders?
Yes, every order must be laid before each House of Parliament.
Test yourself
Q1.Under Section 34 of The Securities and Exchange Board of India Act, 1992, who has the authority to make an order to remove a difficulty in giving effect to the Act?
Q2.Under Section 34 of The Securities and Exchange Board of India Act, 1992, what is the primary restriction on any order made to remove a difficulty?
Q3.Under Section 34 of The Securities and Exchange Board of India Act, 1992, how long did the government have the power to make an order to remove difficulties?
Q4.Under Section 34 of The Securities and Exchange Board of India Act, 1992, what procedural step must follow after an order to remove a difficulty is made?