Section 21: Functions and powers of the Board

21. Functions and powers of the Board.—(1) Subject to the provisions of this Act, the Board shall­ (a) when so asked to do and after consultation with the Commission, advise the Federal Government on all matters relating to­ (i) the securities industry 2[and insurance industry]; (ii) regulation of companies and corporate sector and protection of the interests of investors; 2[(iia) regulation of the insurance sector and protection of the interests of insurance policy holders;] (iii) measures to encourage self­regulation by the Stock Exchanges 2[insurers, insurance intermediaries, insurance surveyors] and NBFIs by specifying and the standards for such self­regulatory organizations; (iv) measures to promote the development of and to regulate the securities market; 2[and the insurance market]; and (v) other related matters; 2[(b) consider and approve (with or without modification) any regulations with respect to implementation of policy decisions, proposed to be made by the Commission under the Act.] (c) consider and approve (with or without modification) the budget for each financial year of the Commission prepared and submitted to it pursuant to the provisions of sub­section (2) of section 24; (d) express its opinion in writing on any policy matter referred to it by the Federal Government or the Commission; (e) oversee the performance of the Commission to the extent that the purposes of this Act are achieved; 1Added by Finance Act 1999 (Act No. IV of 1999), s.17. 2Added, ins. and subs. by Ord. No. LV of 2000, ss, 5­6. (f) exercise all such powers and perform all such functions as are conferred or assigned to it under this Act; and (g) specify fees, penalties and other charges chargeable by the Commission for carrying out the purposes of this Act. (2) All policy decisions, including any change in previously established policy, in respect of all and any matters within the jurisdiction of the Commission shall be made only by the Board. The Board may make policy decisions suo motu or adopt such policy recommendation of the Commission, with or without modification, as the Board may deem fit in its sole discretion.

Effective date: 1997-01-01

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