Section 34A of The Securities and Exchange Board of India Act, 1992
Any act or thing done or purporting to have been done under the principal Act, in respect of calling for information from, or furnishing information to, other authorities, whether in India or outside India, having functions similar to those of the Board and in respect of settlement of administrative and civil proceedings, shall, for all purposes, be deemed to be valid and effective as if the amendments made to the principal Act had been in force at all material times.]
Summary
- This section acts as a legal shield, validating certain past actions taken under the Act so they cannot be challenged in court.
- It protects and validates the act of gathering information from, or sharing information with, other similar authorities inside or outside India.
- It protects and validates the past settlement of administrative and civil proceedings.
- These past actions are treated by the law as if the newer amendments allowing them had always been in force.
Practical examples
FAQ
1. What is the main purpose of this specific section?
It legally validates specific past actions taken by the Board, acting as if the current rules validating them were always in place.
2. Does it cover sharing sensitive information internationally?
Yes, it explicitly validates calling for or furnishing information to other authorities whether inside or outside India.
3. What kind of legal cases does it protect settlements for?
It validates the settlement of administrative and civil proceedings.
Test yourself
Q1.Under Section 34A of The Securities and Exchange Board of India Act, 1992, what past actions regarding information exchange are legally validated?
Q2.Under Section 34A of The Securities and Exchange Board of India Act, 1992, what specific type of legal resolutions are protected and validated by this provision?
Q3.Under Section 34A of The Securities and Exchange Board of India Act, 1992, which geographic locations of other authorities are covered when validating the sharing of information?
Q4.Under Section 34A of The Securities and Exchange Board of India Act, 1992, how are the validated past actions treated under the law?