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; (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. (d) the capital expenditure, as per annual capital expenditure plan approved by the Board and the Central Government. (3) The Board shall constitute a Reserve Fund and twenty-five per cent. of the annual surplus of the General Fund in any year shall be credited to such Reserve Fund and such fund shall not exceed the total of annual expenditure of preceding two financial years. (4) After incurring all the expenses referred to in sub-section (2) and transfer to Reserve Fund as specified in sub-section (3), the surplus of the General Fund shall be transferred to the Consolidated Fund of India.