Clause 178 - Amendment of section 14. - Finance (No. 2) Bill, 2019

Amendment of section 14. 178. In the Securities and Exchange Board of India Act, 1992 (15 of 1992.) (hereafter in this Part referred to as the principal Act), in section 14,- (i) in sub-section (2), after clause (c), the following clause shall be inserted, namely:- (d) the capital expenditure, as per annual capital expenditure plan approved by the Board and the Central Government. ; (ii) after sub-section (2), the following sub-sections shall be inserted, namely:- (3) The Board shall constitute a Reserve Fund and twenty-five per cent. of the annual surplus of the General Fund in any year shall be credited to such Reserve Fund and such fund shall not exceed the total of annual expenditure of preceding two financial years. (4) After incurring all the expenses referred to in sub-section (2) and transfer to Reserve Fund as specified in sub-section (3), the surplus of the General Fund shall be transferred to the Consolidated Fund of India. .