(1) If any difficulty rises in giving effect to the provisions of this Ordinance, the Central Government may, by order, published in the Official Gazette, make such provisions not inconsistent with the provisions of this Ordinance 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 year& from the commencement of this Ordinance.
(2) Every order made under this gection shall be laid, as soon as may be after it is made before each House of Parliament.
Power to make regulations, Bules and regulations to be laid before Parliament, Application of other laws not barred.
Amendment of certain enactments.
Power to remove difficulties.
\% THE OA2ETTE OF INDIA EXTRAORDINARY [PART H i - THE SCHEDULE (See section 33) AMENDMENT OF CERTAIN ENACTMENTS
PART I AMENDMENTS TO THE CAPITAL ISSUES (CONTROL) ACT, 1947 (29 OF 1947) Section 10, for "to that Government", substitute "to that Government or the Securities and Exchange Board of India"
PART II AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 (42 OF 1956)
1. Section 2, in clause (h), for sub-clause (ii), substitute "(it) Government securities;
(lid) such other instruments as may be declared by the Central Government to be securities; and",
2. Section 6/~
(i) in sub-section (I), for "Central Government", substitute "Securities and Exchange Board of India";
(ii) in sub-section (2), for "by the Central Governmenf, substitute "by the Securities and Exchange Board of India";
(Hi) in sub-section (3), for "Central Government" wherever It occurs, substitute "Securities and Exchange Board of India";
3. Section 9, for "Central Government" wherever it occurs, substitute "Securities and Exchange Board of India";
4. Section 10, for "Central Government'1 wherever it occurs, yubstitute "Securities and Exchange Board of India";
5. Section 17, in sub-section HV f->r licence granted by the Central Government", substitute "licence granted by the Securities and Exchange Board of India";
6. Section 21, for "Central Government'^ substitute "Securities and Exchange Board of India";
7. Section 22AT in sub-sectiOn (3), for clause (fr), substitute;
"(b) that the transfer of the securities is in cpntravent on of any law or rules made thereunder or any administrative instructions or conditions of listing agreement laid down in pursuance of such laws or rules;", 8, Section 23, for "Central Government under section 2l or section 22", substitute. "Securities and Exchange Board of India under sect'on 21 or the Central Government unde|r section 22".
toe. 1J THE GAZETTE OF INDIA EXTRAORDINARY 13
9. After section 29, insert,—- "29A. The Central Government may, by order published in the Official Gazette, direct that the powers exercisable by it under any provision of this Act shall, in relation to such matters and subject to such conditions, if any as may be specified in the order, be exercisable also by the Securities and Exchange Board of India.'., R, VENKATARAMAN, President.
Power to delcuute.
V. S, RAMA DEVI, Secy, to the Govt. of India.
W K r B D BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NBW DELHI AND FUBUSHED BY THE CON ITtOLLH^ OF PUBLICATIONS. DELHI. 1992