law: Securities and Exchange Board of India Act, 1992
  10.Transfer of assets,
  
  liabilities, etc., of existing Securities and Exchange Board to the Board.- 
  (1) On and from the
  
  date of establishment of the Board,- 
  (a)
  
  any reference to the existing Securities and Exchange Board in any law other
  
  than this Act or in any contract or other instrument shall be deemed as a
  
  reference to the Board;
  (b)
  
  all properties and assets, movable and immovable, of, or belonging to, the
  
  existing Securities and Exchange Board, shall vest in the Board;
  (c)
  
  all rights and liabilities of the existing Securities and Exchange Board shall
  
  be transferred to, and the be rights and liabilities of, the Board;
  (d)
  
  without prejudice to the provisions of clause (c), all debts, obligations and
  
  liabilities incurred, all contracts entered into and al matters and things
  
  engaged to be done by, with or for the existing Securities and Exchange Board
  
  immediately before that date, for or in confection with the purpose of the said
  
  existing Board shall be deemed to have been incurred, entered into or engaged
  
  to be done by, with or for, the Board;
  (e)
  
  all sums of money due to the existing Securities and Exchange Board immediately
  
  before that date shall be deemed to be due to the Board;
  (f)
  
  all suits and other legal proceedings instituted or which could have been
  
  instituted by or against the existing Securities and Exchange Board immediately
  
  before that date may be continued or may be instituted by or against the Board;
  
  and
  (g)
  
  every employee holding any office under the existing Securities and Exchange
  
  Board immediately before that date shall hold his office in the Board by the
  
  same tenure and upon the same terms and conditions of service as respects
  
  remuneration, leave, provident fund, retirement and other terminal benefits as
  
  he would have held such office if the Board had not been established and shall
  
  continue to do so as an employee of the Board or until the expire of the period
  
  of six months from that date if such employee opts not to be the employee of
  
  the Board within such period.
  (2) Notwithstanding
  
  anything contained in the Industrial Disputes Act.1947, (14 of 1947) or in any
  
  other law for the time being in force, absorption of any employee by the Board
  
  in its regular service under this section shall not entitle such employee to
  
  any compensation under that Act or other law and no such claim shall be
  
  entertained by any court, tribunal or other authority.