13. Grants by the Central Government.—The Central Government may, after due appropriation
made by Parliament by law in this behalf, make to the Board grants of such sums of money as that
Government may think fit for being utilised for the purposes of this Act.
14. Fund.—(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; 4***
5* * * * *
1. Ins. by Act 13 of 2021, s. 159 (w.e.f. 1-4-2021).
2. Ins. by Act 26 of 2010, s. 4 (w.e.f. 9-4-2010).
3. Ins. by Act 59 of 2002, s. 7 (w.e.f. 29-10-2002).
4. The word “and” omitted by Act 9 of 1995, s. 8 (w.e.f. 25-1-1995).
5. Clause (aa) omitted by Act 59 of 2002, s. 8 (w.e.f. 29-10-2002).
15
(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.
15. Accounts and audit.—(1) The Board shall maintain proper accounts and other relevant records
and prepare an annual statement of accounts in such form as may be prescribed by the Central
Government in consultation with the Comptroller and Auditor-General of India.
(2) The accounts of the Board shall be audited by the Comptroller and Auditor-General of India at
such intervals as may be specified by him and any expenditure incurred in connection with such audit
shall be payable by the Board to the Comptroller and Auditor-General of India.
(3) The Comptroller and Auditor-General of India and any other person appointed by him in
connection with the audit of the accounts of the Board shall have the same rights and privileges and
authority in connection with such audit as the Comptroller and Auditor-General generally has in
connection with the audit of the Government accounts and, in particular, shall have the right to demand
the production of books, accounts, connected vouchers and other documents and papers and to inspect
any of the offices of the Board.
(4) The accounts of the Board as certified by the Comptroller and Auditor-General of India or any
other person appointed by him in this behalf together with the audit report thereon shall be forwarded
annually to the Central Government and that Government shall cause the same to be laid before each
House of Parliament.