14. (1) There shall be constituted a Fund to be called the Securities and Exchange Board of India General Fund and there shall be credited thereto—

(a) all grants, fees and charges received by the Board under this Act;

1[* * *]

(aa) 2[* * *]

(b) all sums received by the Board from such other sources as may be decided upon by the Central Government.

(2) The Fund shall be applied for meeting—

(a) the salaries, allowances and other remuneration of the members, officers and other employees of the Board;

(b) the expenses of the Board in the discharge of its functions under section 11;

(c) the expenses on objects and for purposes authorised by this Act.

1.  The word "and" omitted by Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995.

2.  Clause (aa) omitted by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002. It was inserted by Securities Laws (Amendment) Act, 1995, w.e.f. 25-1-1995. Prior to its omission, clause (aa) reads as under:-


"(aa) all sums realized by way of Penalties under this Act; and".