Company under SEBI Act   I.        Means

Solution

Based on the Explanation to Section 27 (Offences by Companies) of the Securities and Exchange Board of India (SEBI) Act, 1992, the correct answer is:   I and III   Legal Reasoning (Section 27 Explanation)   While the SEBI Act  generally adopts  definitions from the Companies Act, Section 27 provides a specific, broader definition of "Company" solely for the purpose of fixing liability for offences.   The Act states:   "For the purposes of this section, 'company' means  any body  corporate and includes a firm or other association of individuals."   Therefore:  

• Statement I ("Means  any body  corporate") is Correct.  

• Statement III ("And includes a firm or other association of individuals") is Correct.