Company under SEBI Act  
I.        Means any body corporate   
II.        But does not include a firm
III.        And includes a firm or other association of individuals
IV.   And includes a firm but does not include association of individuals

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.  

This broad definition ensures that not just registered companies, but also partnerships and loose associations, can be held criminally liable for violating SEBI regulations.   Quick Comparison