Section 24 of the Companies Act, 2013
📘 Section 24 – Power of SEBI to regulate issue and transfer of securities, etc.
(1) The SEBI shall exercise powers and functions under the SEBI Act, 1992 in relation to:
Matters pertaining to issue and transfer of securities, and
Non-payment of dividend
by companies which are:
Listed on a recognized stock exchange, or
Proposed to be listed.
🔹 In such cases, SEBI has overriding authority, not the Registrar of Companies (RoC).
(2) In cases other than listed or proposed to be listed companies, such powers (issue/transfer of securities and dividend matters) shall be handled by the Central Government or other authorities under this Act (like RoC, NCLT, etc.).
(3) SEBI can also take action against:
Insider trading,
Fraudulent and unfair trade practices related to securities.
📝 Summary:
| Company Type | Regulatory Authority |
|---|---|
| Listed or to be listed | SEBI |
| Unlisted (not proposed to list) | Central Government/RoC |
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