law: Securities and Exchange Board of India Act, 1992
  26.Cognizance of
  
  Offences by courts.- 
  (1) No court shall
  
  take cognizance of any offence punishable under this Act or any rules or
  
  regulations made thereunder, save on a complaint made by the Board with the
  
  previous sanction of the Central Government.(Cognizance of Offences by courts)
  
  
  (2) No court inferior to that of Metropolitan Magistrate or a Judicial
  
  Magistrate of the first class shall try any offence punishable under this Act.