Abstract
SEBI a statutory body created by an Act of the Parliament of India - Securities and Exchange Board of India Act, 1992 approves termination of Senior Citizen Unit Plan, 1993 in 2008 without complying with the mandate of the Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 - i.e. complying with the provisions of Securities and Exchange Board of India ( Mutual Fund) Regulations, 1996 thereby undermining the authority of the Parliament to legislate reform. And the Courts refuse to take cognisance.
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