SCHEDULE - 02 (PART- 2) - Amendment of section 11 of Act 15 of 1992. - Banning of Unregulated Deposit Schemes Act, 2019

PART II AMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 Amendment of section 11 of Act 15 of 1992. In the Securities and Exchange Board of India Act, 1992 (15 of 1992),- (i) in section 11, in sub-section (4), for clause (e), the following clause shall be substituted, namely:- (e) attach, for a period not exceeding ninety days, bank accounts or other property of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder: Provided that the Board shall, within ninety days of the said attachment, obtain confirmation of the said attachment from the Special Court, established under section 26A, having jurisdiction and on such confirmation, such attachment shall continue during the pendency of the aforesaid proceedings and on conclusion of the said proceedings, the provisions of section 28A shall apply: Provided further that only property, bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder shall be allowed to be attached. ; (ii) in section 28A, after Explanation 3, the following Explanation shall be inserted, namely:- Explanation 4. -The interest referred to in section 220 of the Income-tax Act, 1961 (43 of 1961) shall commence from the date the amount became payable by the person. .