Section 35. Repeal and saving

35. Repeal and saving. —(1) The Securities and Exchange Board of India Ordinance, 1992 (Ord. 5 of 1992), is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of this Act. 1. Ins. by Act 27 of 2014, s. 23 (w.e.f. 18-7-2013). [ THE SCHEDULE .] Rep. by the Repealing and Amending Act, 2001 (30 of 2001), s. 2 and the First Schedule ( w.e.f . 3-9-2001). STATEMENT OF OBJECTS AND REASONS Securities and exchange board of India (SEBI) was established in 1968 through a government resolution to promote orderly and healthy growth of the securities market and for investors protection SEBI has been monitoring the activities of stock exchange mutual funds and merchant bankers, etc., to achieve these goal. The capital market has witnessed tremendous growth in recent times, characterised particularly by the increasing participation of the public. Investors' confidence in the capital market can be sustained largely by ensuring investors' protection, with this end in view, government decided to vest SEBI immediately with statutory powers required to deal effectively with all matters relating to capital market. As parliament was not in session, and there was an urgent need to instil a sense of confidence in the public in the growth and stability of the capital market, the president promulgated the securities and exchange board of India ordinance, 1992 (No. 5 of 1902) on the 30th January, 1992.