(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;

(aa) all sums realized by way of penalties under this Act; and

(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;