Investments and Securities Act, 2025

Arrangement of Sections

PART I - ESTABLISHMENT, OBJECTIVES, FUNCTIONS, AND POWERS OF THE SECURITIES AND EXCHANGE COMMISSION

1. Establishment of the Securities and Exchange Commission

2. Head office of the Commission

3. Objectives, functions and powers of the Commission

PART II - ESTABLISHMENT OF THE GOVERNING BOARD OF THE COMMISSION

4. Composition of the Board of the Commission

5. Appointment and tenure of members of the Board

6. Duties of the Board

7. Director-General and full time Commissioners to be fully devoted to the Commission

8. Management of the Commission

9. Disqualification, cessation of appointment and resignation

10. Remuneration and allowances of members of the Board

11. Meetings of the Board

12. Disclosure by Board members

PART IIII - STAFF OF THE COMMISSION

13. Appointment of the Secretary and other staff of the Commission

14. Remuneration of the Secretary and other staff of the Commission

15. Duties of the Secretary

16. Service in the Commission to be pensionable

PART IV - FINANCIAL PROVISIONS

17. Fund of the Commission

18. Application of Fund of the Commission

19. Reserve account

20. Power to accept gifts

21. Penalties and fees to be retained and utilised by the Commission

22. Borrowing by the Commission

23. Investments by the Commission

24. Annual estimates, account and audit

25. Annual report

PART V - REGISTRATION AND REGULATION OF SECURITIES EXCHANGES, FINANCIAL MARKET INFRASTRUCTURES AND OTHER SELF REGULATORY ORGANISATIONS

A - SECURITIES EXCHANGES

26. Registration of a securities exchange

27. Categories of securities exchanges

28. Conditions for registration of securities exchanges

29. Appointment and removal of chief executive and principal officers of a securities exchange

30. Responsibilities of a securities exchange

31. Securities exchange to maintain proper books of account

32. Approval of amendments to listing rules

33. Securities exchange to give notice of disciplinary actions

34. Review of disciplinary actions taken by a securities exchange

35. Power to issue directives to a securities exchange

36. Prohibition of trading in particular securities

37. Revocation of certificate of a securities exchange