Private Security Agencies (Regulation) Act, 2005 (PSAR)- purpose of the Act

What exactly is the Private Security Agencies (Regulation) Act (PSAR ACT), 2005? Which areas does it apply to and what are the drawbacks of this act, if any? What are its biggest benefits?
Are there any recent amendments to this Act?
I would really appreciate guidance on the above.

PSAR ACT 2005 MEANS PRIVATE SECURITY AGENCIES REGULATIONS ACT 2005.
It is purely for those who conducting private security agencies .if any one want to run security company then it is compulsory to follow the act framed by the central government and the rules framed by state governments.
regards
vijay