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NBFC and IRDA

  • Appeal to Central Government Rules, 1993
    • 1.Short title and commencement

        (1) These rules may be called the Securities and Exchange Board of India (Appeal to the Central Government) Rules, 1993.

        (2) They shall come into force on the date of their publication in the Official Gazette.
         

    • 2.Definitions

        In these rules, unless the context otherwise requires

        (a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992)?

        (b) "Authorised representative" means:

        • in relation to an appellant, a person duly authorised by the appellant to present an appeal on his behalf to the Central Government?
        • in relation to the Board, person duly appointed by the Board by notification in the Official Gazette as authorised representative to appear, plead and act for such authority in any such appeal and any other person acting on behalf of the person so appointed?

        (c) "Board" means the Securities and Exchange Board of India established under section 3 of the Act?

        (d) "Form" means the form appended to these rules?

        (e) "regulations" means the regulations made by the Board under the Act?

        (f) "rules" means the rules made under the Act.

    • 3.Form of Appeal

        Any person aggrieved by an Order of the Board made under the Act or the rules or regulations made thereunder,may prefer an appeal to the Central Government in the Form.

    • 4.Time within which appeal is to preferred

        (1) An appeal shall be preferred by the aggrieved person within a period of thirty days from the date of communication to him of the order of the Board made under the Act or rules or regulations.

        (2) When the appeal is preferred after the expiry of the period of thirty days specified in subrule(1), it shall be accompanied by an application supported by an affidavit setting forth the facts on which the appellant relies to satisfy the Central Government that he has sufficient cause for not preferring the appeal within the said period of thirty days:

        Provided that if the Central Government is satisfied that the appellant had sufficient cause for not preferring the appeal within the aforesaid period, it may? for reasons to be recorded in writing, admit the appeal after the expiry of the aforesaid period but before the expiry of 45 days from the date of communication to him of the order of the Board.

    • 5.Payment of fees

        (1) Every appeal shall be accompanied by a fee of rupees five hundred only.

        (2) The amount of fees shall be deposited in the nearest branch of the State Bank of India.

        (3) The amount of the fees shall be deposited under the head "065other Admn. Services Other Services Other Receipts".

    • 6.Contents of appeal

        Every appeal filed under rule 3 shall be written in English or Hindi and shall set forth concisely under distinct heads, the grounds of appeal without any argument or narrative and such grounds, shall be numbered consecutively.

    • 7.What to accompany form

        Every appeal shall be filed in the Form in duplicate and shall be accompanied by two copies (at least one of which shall be certified copy) of the order of the Board appealed against and other documents to support the grounds of objection mentioned in the appeal.

        Explanation:

        For the purpose of this rule "certified copy" includes the copy which was originally supplied to the appellant as well as a photostat copy thereof duly authenticated by the appellant or his authorised representative as a true copy.

    • 8.Filing of affidavits

        Where a fact which cannot be borne out by, or is contrary to, the record is alleged, it shall be stated clearly and concisely and supported by a duly sworn affidavit.

    • 9.Rights of Appellant to appear before the Central Government

        (1) Every appellant may appear before the Central Government in person or through his authorised representative.

        (2) An appellant may, by writing, authorise-

        (i) an advocate, or

        (ii) a Chartered Accountant, or

        (iii) a Cost and Works Accountant, or

        (iv) a Company Secretary, having prescribed qualification under clause (45) of section 2 of the Companies Act, 1956 (1 of 1956) to function as authorised representative of such party. 

    • 10.Authorising a representative to appear

        In an appeal by an appellant, where the Form is signed by his authorised representative, the appellant shall append to the Form documents authorising the authorised representative to appear for him and the said document shall state what his relationship is with the appellant.

    • 11.Authorisation to be filed

        An authorised representative appearing for the appellant at the hearing of an appeal shall, unless the document referred to in rule 10 has been appended, filed such a document before the commencement of the hearing.

    • 12.Procedure for filing appeal

        (1) An appeal shall be preferred by the appellant or his authorised representative to the Central Government in person or be sent by Registered Post registered to the Secretary to the Government of India, Department of Economic Affairs, Ministry of Finance, New Delhi

        (2) An appeal sent by post under subrule (1) shall be deemed to have been preferred to the Central Government on the day on which it is received in the office of the Secretary to the Government of India, Department of Economic Affairs, Ministry of Finance, at Delhi.

    • 13.Furnishing of information and documents

        (1) The Central Government may, before considering the appeal, require the appellant or the Board or both to furnish such further information and documents as it considers necessary.

        (2) Parties concerned shall furnish such information and documents within 30 days of such order.

    • 14.Date and place of hearing of appeal to be communicated

        The Central Government shall communicate, before considering the appeal, to the appellant or the Board or both the date and place of the hearing of the appeal and may send a copy of the appeal to the Board either before or with such communication.

    • 15.Hearing of appeal

        (1) On the day fixed or on any other day to which the hearing may be adjourned, the appellant shall be heard in support of the appeal. The Central Government shall, then, if necessary, hear the Board of its authorised representative against the appeal and in such case the appellant shall be entitled to reply.

        (2) In case the appellant does not appear in person or through an authorised representative when the appeal is called for hearing, the Central Government may dispose of the appeal on merits:

        Provided that where an appeal has been disposed of as provided above and the appellant appears afterwards and satisfies the Central Government that there was sufficient cause for his nonappearance, when the appeal was called for hearing, the Central Government shall make an order setting aside the ex parte order and restore the appeal.

    • 16.Orders by the Central Government

        The Central Government shall:

        (a) after considering the appeal preferred to it under rule 3?
        (b) after considering further documentary evidence referred to in rule 13, and
        (c) after giving hearing under rule 15, pass such orders or give such directions as may be necessary or expedient to give effect to, or in relation to, its orders.

    • 17.Order to be signed and dated

        The Order of the Central Government shall be in writing and shall be signed and dated.

    • 18.Order to be communicated to the party

        The Central Government shall, after the order is signed, cause it to be communicated to the appellant and to the Board.

  • Bankers to an Issue Rules, 1994
    • 1.Short title and commencement

        (1) These rules may be called the Securities and Exchange Board of India (Bankers to an issue) Rules,1994.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2.Definitions

        In these rules, unless the context otherwise requires, -
        (a) “Act” means the Securities and Exchange Board of India, Act 1992 (15 of 1992);

        (b) “banker to an issue” means a scheduled bank carrying on all or any of the following issue related activities namely:-

        (i) acceptance of application and application monies;

        (ii) acceptance of allotment or call monies;

        (iii) refund of application monies;

        (iv) payment of dividend or interest warrants.

        (c) “body corporate” means a body corporate as defined in clause (7) of section 2 of the Companies Act, 1956 (1 of 1956);

        (d) “certificate” means a certificate of registration granted or renewed by the Board under the regulations;

        (e) “issue” means issue defined in clause (d) of rule 2 of the Securities and Exchange Board of India (Merchant Bankers) Rules, 1992.

        (f) “regulations” means the Securities and Exchange Board of India (Bankers to an issue) Regulations, 1994;

        (g) “scheduled bank” means a bank included in the second schedule of the Reserve Bank of India Act, 1934 (2 of 1934).

    • 3.No person can act as banker to an issue without registration

        No person shall carry on any activity as a banker to an issue unless he holds a certificate granted by the Board under the regulations:

        Provided that such person may continue to act as banker to an issue if he has made an application for such registration under the proviso to sub-section (1) of section 12 of the Act till the disposal of such application.

    • 4.Conditions for grant or renewal of certificate

        The Board may grant or renew a certificate to a banker to an issue subject to the following conditions,namely:-

        (a) he shall enter into a legally binding agreement with the body corporate for or on whose behalf he is acting as banker to an issue stating therein the duties and responsibilities between himself and the body corporate for the issue for which he is acting as a banker to an issue;

        (b) he shall pay the amount of fees for registration in the manner provided in the regulations;

        (c) he shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaints and he shall keep the Board informed about the number,nature and other particulars of the complaints received and the manner in which such complaints have been redressed, and

        (d) the certificate granted shall be valid for a period of three years from the date of the grant of the same.

         

    • 5.Conditions for grant or renewal of certificate

        The Board may grant the renewal of the certificate to a banker to an issue subject to the conditions mentioned in sub rule (a) to (d) of rule 4.

  • Debenture Trustees Rules, 1993
    • 1.Short title and commencement

        (1) These rules may be called the Securities and Exchange Board of India (Debenture Trustees) Rules, 1993.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2.Definitions

        In these rules, unless the context otherwise requires:-

        a) "Act" means the Securities and Exchange Board of India, Act 1992 (15 of 1992)?

        (b) "body corporate" means a body corporate as defined in clause (7) of Section 2 of the Companies Act, 1956 (1 of 1956)?

        (c) "certificate" means a certificate of registration granted or renewed by the Board under theregulations?

        (d) "debenture" means a debenture, as defined in clause (12) of Section 2 of the Companies Act, 1956 (1 of 1956)?

        (e) "debenture trustee" means a trustee of a trust deed for securing any issue of debentures of a body corporate?

        (f) "issue " means an offer of sale or purchase of securities by any body corporate or by any other person or group of persons on its or his or their behalf, as the case may be, to the public, or, the holders of securities of such body corporate or person or group of persons?

        (g) "regulations " means the Securities and Exchange Board of India (Debenture Trustees) Regulations 1993?

        (h) "rules " means the Securities and Exchange Board of India (Debenture Trustees) Rules, 1993?

        (i) "trust deed " means a deed executed by the body corporate in favour of the trustees named therein for the benefit of the debenture holders.

    • 3.Not to act as debenture trustee without obtaining certificate

        (1) No person shall act as debenture trustee unless he holds a certificate granted by the Board under the regulations:

        Provided that such person who was engaged as debenture trustee prior to the coming into force of the Act, may continue to act as debenture trustee if he has made an application for such registration under the proviso to subsection(1) of Section 12 of the Act till the disposal of such application.

    • 4.Conditions of grant or renewal of certificate

        The Board may grant or renew a certificate to an debenture trustee subject to the following conditions namely;-

        a) in case of any change in the status and constitution, the debenture trustee shall obtain prior permission of the Board to continue to act as debenture trustee?

        (b) he pays the amount of fees of registration or renewal as the case may be in the manner provided in the regulations?

        (c) he shall abide by the rules and regulations?

        (d) he shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaints and he shall keep the Board informed about the number, nature and other particulars of the complaints received and the manner in which such complaints have been redressed.

    • 5.Period of validity of the certificate

        The certificate or its renewal, as the case may be, shall be valid for a period of three years from the date of its issue to the debenture trustee.

  • Portfolio Managers Rules, 1993
    • 1.Short title and commencement

        (1) These rules may be called the Securities and Exchange Board of India (Portfolio Managers) Rules, 1993.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2.Definitions

        In these rules, unless the context otherwise requires:-

        a) " Act" means the Securities and Exchange Board of India, Act 1992 (15 of 1992)?

        (b) " body corporate" shall have the meaning assigned to it in or under clause (7) of section 2 of the Companies Act, 1956(1 of 1956)?

        (c) "certificate" means a certificate of registration issued by the Board?

        (d) " portfolio " means the total holdings of securities belonging to any person?

        (e) " portfolio manager " means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client, as the case may be?

        (f) "discretionary portfolio manager" means a portfolio manager who exercises or may, under a contract relating to portfolio management, exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client, as the case may be?

        (g) "regulations" means the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993.

    • 3.No person to act as portfolio manager without certificate

        No person shall carry on any activity as a portfolio manager unless he holds a certificate granted by the Board under these regulations :

        Provided that such person, who was engaged as portfolio manager, prior to the coming into force of the Act, may continue to carry on activity as portfolio manager, if he has made an application for such registration, till the disposal of such
        application.

        Provided further that nothing in this rule shall apply in case of a merchant banker holding a certificate granted by the Board under the Securities and Exchange Board of India (Merchant Banker) Regulations, 1992 as category I or category II merchant banker, as the case may be:

        Provided also that a merchant banker acting as a portfolio manager under the second proviso to this rule, shall also be bound by the rules and regulations applicable to a portfolio manager.

    • 4.Conditions for grant or renewal of certificate to portfolio manager

        The Board may grant or renew a certificate to a portfolio manager subject to the following conditions, namely :

        (a) the portfolio manager in case of any change in its status and constitution, shall obtain the prior permission of the Board to carry on its activities?

        (b) he shall pay the amount of fees for registration or renewal, as the case may be, in the manner provided in the regulations?

        (c) he shall take adequate steps for redressal of grievances of the clients within one month of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received?

        (d) he shall abide by the rules and regulations made under the Act in respect of the activities carried on by the portfolio manager.

    • 5.Period of validity of the certificate

        The certificate of registration or its renewal, as the case may be, shall be valid for a period of three years from the date of its issue to the portfolio manager.

  • Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer Rules, 1995
    • 1. Short title and commencement

        (1) These rules may be called the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2. Definition.

        In these rules, unless the context otherwise requires,-

        (a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);

        (b) "adjudicating officer" means the officer appointed by the Board as adjudicating offer under section 15L of the Act;

        (c) "inquiry" means the inquiry referred in section 15-I

    • 3. Appointment of adjudicating officer for holding inquiry

        Whenever the Board is of the opinion that there are grounds for adjudging under any of the provisions in Chapter VIA of the Act, it may appoint any of its officer not below the rank of Division Chief to be an adjudicating officer for holding an inquiry for the said purpose.

    • 4. Holding of inquiry.

        (1) In holding an inquiry for the purpose of adjudging under sections 15A, 15B, 15C, 15D, 15E, 15F, 15G and 15H whether any person has committed contraventions as specified in any of sections 15A, 15B, 15C, 15D, 15E, 15F, 15G and 15H, the adjudicating officer shall, in the first instance, issue a notice to such person requiring him to show cause within such period as may be specified in the notice (being not less than fourteen days from the date of service thereof) why an inquiry should not be held against him.

        (2) Every notice under sub-rule (1) to any such person shall indicate the nature of offence alleged to have been committed by him.

        (3) If, after considering the cause, if any, shown by such person, the adjudicating officer is of the opinion that an inquiry should be held, he shall issue a notice fixing a date for the appearance of that person either personally or through his lawyer or other authorised representative.

        (4) On the date fixed, the adjudicating officer shall explain to the person proceeded against or his lawyer or authorised representative, the offence, alleged to have been committed by such person indicating the provisions of the Act, rules or regulations in respect of which contravention is alleged to have taken place.

        (5) The adjudicating officer shall then give an opportunity to such person to produce such documents or evidence as he may consider relevant to the inquiry and if necessary the hearing may be adjourned to a future date and in taking such evidence the adjudicating officer shall not be bound to observe the provisions of the Evidence Act, 1872 (11 of 1872) :

        Provided that the notice referred to in sub-rule (3), and the personal hearing referred to in sub-rules (3), (4) and (5) may, at the request of the person concerned, be waived.

        (6) While holding an inquiry under this rule the adjudicating officer shall have the power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry.

        (7) If any person fails, neglects or refuses to appear as required by sub-rule (3) before the adjudicating officer, the adjudicating officer may proceed with the inquiry in the absence of such person after recording the reasons for doing so.

    • 5. Order of adjudicating officer

        (1) if, upon consideration of the evidence produced before the adjudicating officer, the adjudicating officer is satisfied that the person has become liable to penalty under any of the sections specified in sub-section (1) of section 15-I, he may, by order in writing, impose such penalty as he thinks fit in accordance with the provisions of the relevant section or sections specified in section 15-I.

        (2) While adjudging the quantum of penalty under section 15-I, the adjudicating officer shall have due regard to the following factors, namely:-

        (a) The amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default;

        (b) the amount of loss caused to an investor or group of investors as a result of the default;

        (c) the repetitive nature of any default.

        (3) Every order made under sub-rule (1) shall specify the provisions of the Act in respect of which default has taken place and shall contain brief reasons for such decisions.

        (4) Every such order shall be dated and signed by the adjudicating officer.

    • 6. Copy of the order.

        The adjudicating officer shall send a copy of every order made under rules by it to the person concerned and to the Board.

    • 7. Service of notices and orders.

        A notice or an order issued under these rules shall be served on the person in the following manner, that is to say,-

        (a) by delivering or tendering it to that person or his duly authorised agent;

        (b) by sending it to the person by 1[fax or electronic mail or courier or speed post with acknowledgement due or] registered post with acknowledgement due to the address of his place of residence or his last known place of residence or the place where he carried on, or last carried on, business or personally works, or last worked, for gain; or

        Provide that a notice sent by Fax shall bear a note that the same is being sent by fax and in case the document contains annexure, the number of pages being sent shall also be mentioned:

        Provided further that a notice sent through electronic mail shall be digitally signed by the competent authority and bouncing of the electronic mail shall not constitute valid service

        (c) if it cannot be served under clause (a) or clause (b), by affixing it on the outer door or some other conspicuous part of the premises in which that person resides or is known to have last resided, or carried on business or personally works or last worked for gain and that written report thereof should be witnessed by two persons

        (d) if it cannot be affixed on the outer door as per clause (c), by publishing the notice in atleast two newspapers, one in a English daily newspaper having nationwide circulation, and another in a newspaper having wide circulation published in the language of the region where that person was last known to have resided or carried on business or personally worked for gain

  • Underwriters Rules, 1993
    • 1. Short title and commencement

        (1) These regulations may be called the Securities and Exchange Board of India (Underwriters) Rules, 1993.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2. Definitions

        In these regulations, unless the context otherwise requires-

        (a) "Act" means the Securities and Exchange Board of India, Act 1992 (15 of 1992)?

        (b) "body corporate" means a body corporate as defined in clause (7) of section 2 of the Companies Act, 1956 (1 of 1956)?

        (c) "certificate" means a certificate of registration granted or renewed by the Board under the regulations?

        (d) "issue" means an offer of sale of securities by any body corporate or by any other person or group of persons on its or his or their behalf, as the case may be, to the public or the holders of securities of such body corporate or person or group of persons?

        (e) "regulations" means the Securities and Exchange Board of India (Underwriters) Regulations 1993?

        (f) "underwriter" means a person, who engages in the business of underwriting of an issue of securities of a body corporate?

        (g) "underwriting" means an agreement with or without conditions to subscribe to the securities of a body corporate when the existing shareholders of such body corporate or the public do not subscribe to the securities offered to them.

    • 3. Not to act as underwriter without certificate

        (1) No person shall act as underwriter unless he holds a certificate granted by the Board under the regulations

        Provided that such person, who was engaged as underwriter prior to the coming into force of the Act, may continue to carry on activity as underwriter if he has made an application for such registration under the proviso to subsection  (1) of Section 12 of the Act till the disposal of such application

        (2) Notwithstanding anything contained in sub-rule (1), every stock broker or merchant banker holding a valid certificate of registration under Section 12 of the Act, shall be entitled to act as an underwriter without obtaining a separate certificate for underwriting activities which shall be governed by these rules and regulations.

    • 4. Conditions for grant or renewal of certificate to underwriter

        The Board may grant or renew a certificate to an underwriter subject to the following conditions namely?

        (a) in case of any change in the status and constitution, the underwriter shall obtain prior permission of the Board to continue to act as underwriter?

        (b) without prejudice to the obligations under any other, the underwriter shall enter into a valid agreement with the body corporate on whose behalf he is acting as underwriter and the said agreement amongst other things may define the allocation of duties and responsibilities between him and such body corporate and?

        (c) he shall pay the amount of fees of registration in the manner provided in the regulations?

        (d) he shall abide by the rules and regulations made under the Act in respect of the activities carried on by him as an underwriter.

    • 5. Period of validity of the certificate

        The certificate of registration or its renewal, as the case may be, shall be valid for a period of three years from the date of its issue to the underwriter

  • Securities Contracts (Regulation) Rules, 1957
    • 1. Short title.

        These rules may be called the Securities Contracts (Regulation) Rules, 1957.

    • 2. Definitions

        In these rules, unless the context otherwise requires,—

        (a) “form” means a form appended to these rules;

        (b) “the Act” means the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

        (c) “Government company” means a company in which not less than fifty-one per cent of the share capital is held by the Central Government or by any State Government or Governments or partly by the Central Government and partly by one or more
        State Governments ;

        *(d) “public” means persons other than –

        (i) the promoter and promoter group;

        (ii) subsidiaries and associates of the company.

        Explanation: For the purpose of this clause the words “promoter” and “promoter group” shall have the same meaning as assigned to them under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;* Inserted by the Securities Contracts (Regulation) (Amendment) Rules, 2010, w.e.f. 04.06.2010

        *(da) "public sector company" means a body corporate constituted by an Act of Parliament or any State Legislature and includes a government company:* Inserted by the Securities Contracts (Regulation) (Second Amendment) Rules, 2010, w.e.f. 09.08.2010.

        *(e) “public shareholding” means equity shares of the company held by public and shall exclude shares which are held by custodian against depository receipts issued overseas.* Substituted by the Securities Contracts (Regulation) (Amendment) Rules, 2015, w.e.f. 25.02.2015 

    • 3. Application for recognition

        An application under section 3 of the Act for recognition of a stock exchange shall be made to the Securities and Exchange Board of India in Form A.

    • 4. Fees for application

        (1) There shall be paid in respect of every application under rule 3 a fee of rupees five hundred. 

        (2) The amount of the fee shall be deposited in the nearest Government treasury or the nearest branch of the State Bank of India:

        Provided that at Bombay, Calcutta, Madras, Delhi and Kanpur, the amount shall be deposited in the Reserve Bank of India.

        (3) The amount of the fee so deposited shall be credited to the receipt head “XLVI— Miscellaneous—Other fees, fines and forfeitures”.

    • 5. Documents to be filed along with the application and particulars it should contain.

        Every application shall be accompanied by four copies of the rules (including the memorandum and articles of association where the applicant stock exchange is an incorporated body) and bye-laws of the stock exchange applying for recognition as specified in section 3 of the Act and the receipt granted by the Government treasury, or as the case may be, the State Bank of India or the Reserve Bank of India, in respect of the amount of the fee deposited and shall contain clear particulars as to the matters specified in the Annexure to Form A.

    • 5A. Power to make inquiries and call for information.

        Before granting recognition to a stock exchange under section 4 of the Act, the Securities and Exchange Board of India] may make such inquiries and require such further information to be furnished, as it deems necessary, relating to the information furnished by the stock exchange in the Annexure to its application in Form A.

    • 6. Form of recognition.

        The recognition granted to a stock exchange shall be in Form B and be subject to the following conditions, namely :—

        (a) that the recognition unless granted on a permanent basis, shall be for such period not less than one year as may be specified in the recognition;

        (b) that the stock exchange shall comply with such conditions as are or may be prescribed or imposed under the provisions of the Act and these rules from time to time.

    • 7. Renewal of recognition.

        (1) Three months before the expiry of the period of recognition, a recognised stock exchange desirous of renewal of such recognition may make an application to the Securities and Exchange Board of India in Form A.

        (2) The provisions of rule 3, rule 4, rule 5, rule 5A and rule 6 shall apply in relation to renewal of recognition as they apply in relation to grant of recognition except that the fee payable in respect of an application for renewal of recognition shall be rupees two hundred.

  • Appellate Tribunal (Procedure) Rules, 1995
    • 1.Short title and commencement

        (1) These rules may be called the Securities and Exchange Board of India Appellate Tribunal (Procedure) Rules, 1995.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2. Definitions

        (a) "Acts" means the Securities and Exchange Board of India Act, 1992?

        (b) "Adjudicating Officer" means an officer appointed under subsection (1) of section 151 of the Act?

        (c) "Agent" means a person duly authorised by the appellant to present appeal or to give reply on its behalf before the Appellate Tribunal.

        (d) "Appeal" means an appeal preferred by any person aggrieved by any order made by an Adjudicating Officer under subsection (1) of section 15T of the Act?

        (e) "Appellant" means a person making an appeal to the Appellate Tribunal under section 15T of the Act?

        (f) "Appellate Tribunal" means the Securities and Appellate Tribunal established under subsection (1) of section 15K of the Securities and Exchange Board of India Act, 1992?

        (g) "form" means the form appended to these rules?

        (h) "legal practitioner" shall have the same meaning as assigned to it in the Advocates Act, 1961?

        (i) "Presiding Officer" means the Presiding Officer of the Securities Appellate Tribunal appointed under section 15L of the Act?

        (j) "Registrar" means the Registrar of an Appellate Tribunal and includes any officer of such Appellate Tribunal to whom the powers and functions of the Registrars may be assigned?

        (k) "Registry" means the Registry of the Appellate Tribunal?

        2.(1) In these rules, unless the context otherwise requires (2) Words and expressions used and not defined in these rules but defined in Securities and Exchange Board of India Act, 1992 shall have the meanings respectively assigned to them in that Act.

    • 3. Sittings of Appellate Tribunal

        3. An Appellate Tribunal shall hold its sittings either at Head Office of the Board or at such other place falling within its jurisdiction as it may consider convenient.

    • 4. Language of Appellate Tribunal

        (1) The proceedings of the Appellate Tribunal shall be conducted in English or Hindi.

        (2) No appeal, reference, application representation, document or other matters contained in any language other than English or Hindi, shall be accepted by the Appellate Tribunal, unless the same is accompanied by a true copy of translation thereof in English or Hindi.

         

    • 5.Procedure for filing appeals

        (a) by one or more legal practitioners authorised by such company? or

        (b) by any of the officers of such company to act as Presenting Officers

        (1) A memorandum of appeal shall be presented in the form annexed to these rules by the Appellant either in person to the Registrar of the Appellate Tribunal within whose jurisdiction his case falls or shall be sent by registered post addressed to such Registrar

        (2) Where the appellant is company a memorandum of appeal may be preferred, and every person so authorised may present the appeal before the Appellate Tribunal.

        (3) Where the appellant is other than a company he may prefer an appeal in person or by his agent or by a duly authorised legal practitioner.

        (4) An appeal sent by post under subrule (1) shall be deemed to have been presented to the Registrar on the day on which it is received in the office of the Registrar.

        (5) The appeal under subrule (1) shall be presented in four sets in a Paper Book alongwith an empty file size envelope bearing full address of the respondent and where the number of respondents are more than one, then sufficient number of extra paper books together with empty file size envelope bearing full addresses of each respondent shall be furnished by the appellant.

    • 6. Presentation and scrutiny of memorandum of appeal

        (1) The Registrar shall endorse on every appeal the date on which it is presented under that rule and shall sign endorsement.

        (2) If, on scrutiny, the appeal is found to be in order, it shall be duly registered and given a serial number.

        (3) If an appeal on scrutiny is found to be defective and the defect noticed is formal in nature, the Registrar may allow the appellant to rectify the same in his presence and if the said defect is not formal in nature, the Registrar, may allow the appellant such time to rectify the defect as he may deem fit.

        (4) If the concerned appellant fails to rectify the defect within the time allowed in subrule (3), the Registrar may by order and for reasons to be recorded in writing, decline to register such memorandum of appeal.

        (5) An appeal against the order of the Registrar under subrule (4) shall be made within fifteen days of making of such order to the Presiding Officer concerned in his chamber, whose decision thereon shall be final.
         

    • 7.Place of filing memorandum of appeal

        The memorandum of appeal shall be filed by the appellant with the Registrar of the Appellate Tribunal having jurisdiction in the matter.

    • 8.Fee

        (1) Every memorandum of appeal under section 15T of the Act shall be accompanied with a fee provided in subrule (2) and such fee may be remitted either in the form of crossed demand draft drawn on a nationalised bank in favour of the Registrar and payable at the station where the Registrar's office is situated or remitted through a crossed Indian Postal Order drawn in favour of the Registrar and payable in Central Post Office of the Station where the Appellate Tribunal is located.

        (2) The amount of fee payable in respect of appeal under section 15T shall be as follows:-

        AMOUNT OF PENALTY IMPOSED AMOUNT OF FEES PAYABLE
        1. Less than rupees ten thousand? Rs.500
        2. Rupees ten thousand or more but less than one lakhs? Rs.1200
        3. Rupees one lakh or more. Rs.1200 plus Rs.1000
        for every additional
        one lakh of penalty.

         

    • 9.Deposit of amount of penalty

        Where an appeal is preferred by a person under section 15T of the Act, such appeal shall not be entertained by the Appellate Tribunal unless such person has deposited with the Appellate Tribunal the amount of penalty imposed by the Adjudicating Officers.

        Provided that the Appellate Tribunal may, for reasons to be recorded in writing, waive or reduce the amount to be deposited with the Appellate Tribunal.

    • 10.Contents of memorandum of appeal

        (1) Every memorandum of appeal filed under rule 5 shall set forth concisely under distinct heads, the grounds of such appeal without any argument or narrative, and such grounds shall be numbered consecutively and shall be typed in double line space on one side of the paper.

        (2) It shall not be necessary to present separate memorandum of appeal to seek interim order or direction if in the memorandum of appeal, the same is prayed for.
         

    • 11.Documents to accompany memorandum of appeal

        (1) Every memorandum of appeal shall be triplicate and shall be accompanied with two copies (at least one of which shall be certified copy) of the order of Division Chief under Chapter VI A of the Act against which the appeal is filed.

        (2) Where the parties to the appeal are being represented by an agent, documents authorising him to act as such agent shall also be appended to the appeals.

        Provided that where an appeal is filed by a local practitioner, it shall be accompanied by a duly executed Vakalatnama. 

        (3) Where a company is being represented by any of its Officers to act as Presenting Officer before the Appellate Tribunal, the document authorising him to act as Presenting Officer shall be appended to the memorandum of appeal.

    • 12.Plural remedies

        A memorandum of appeal shall not seek relief or reliefs based on more than a single cause of action in one single memorandum of appeal unless the reliefs prayed for are consequential to one another.

    • 13.Endorsing copy of appeal to the Board

        A copy of the memorandum of appeal and paper book shall be served on the Board, as soon as they are filed, by the Registrar by registered post.

    • 14.Filing of reply to the appeal and other documents by the respondent or the Board

        (1) The respondent or the Board may file four complete sets containing the reply to the appeal along with documents in a paper book form with the registry within one month of the service of the notice on him of the filing of the memorandum of appeal.

        (2) The respondent or the Board shall also endorse one copy of the reply to the appeal along with documents  as mentioned  in  subrule (1) to the appellant.

        (3) The Appellate Tribunal may, in its discretion on application by the respondent or the Board, allow the filing of reply referred to in subrule (1), after the expiry of the period referred to therein.


         

    • 15.Date and place of hearing to be notified

        The Appellate Tribunal shall notify the parties the date and place of hearing of the appeal in such a manner as the Presiding Officer may by general or special order direct.

    • 16.Dress Regulations for the Presiding Officer and for the Representatives of the Parties

        (1) Summer dress for the Presiding Officer shall be white pant with black coat and black tie or a buttonedup black coat. In winter, striped or black trousers may be worn in place of white trousers. In the case of female Presiding Officers, however, the dress shall be black coat over white sarees.

        (2) The dress for the agent of the parties (other than a relative or regular employee of the appellant or respondent or the Board) appearing before the Appellate Tribunal shall be the following namely:-

        (a) In the case of a male, a suit with a tie or buttonedup coat over a pant or national dress that is along buttoned up coat on dhoti or churridar pyjama. The colour of the coat shall, preferably, be black.

        (b) In the case of female, black coat over white or any other sober coloured saree.

        (c) Where, however, the agent belongs to a profession like that of lawyers or a chartered accountants and they have been prescribed a dress for appearing in their professional capacity before any court, appellate tribunal, tribunal or other such authority, they may, at their option, appear in that dress, in lieu of the dress mentioned above.

        (3) All other persons appearing before the Appellate Tribunal shall be properly dressed.


         

    • 17.Order to be signed and date

        (1) Every order of the Appellate Tribunal shall be in writing and shall be signed and dated by the Presiding Officer of the Appellate Tribunal.
        (2) The order shall be pronounced in open court.

    • 18.Publication of Orders

        The orders of the Appellate Tribunal as are deemed fit for publication in any authoritative report or the press may be released for such publication on such terms and conditions as the Appellate Tribunal may lay down.

    • 19.Communication of order

        Every order passed on an appeal shall be communicated to the appellant and to the respondent and to the Board and Adjudicating Officer concerned either in person or by registered post free of cost.

    • 20.Fee for inspection of records and obtaining copies thereof

        (1) A fee of rupees twenty for every hour or part thereof of inspection subject to a minimum of rupees one  hundred shall be charged for inspecting the records of a pending appeal by a party thereto.

        (2) A fee of rupees five for a folio or part thereof not involving typing and a fee of rupees ten for a folio or part thereof involving typing of statement and figures shall be charged.

    • 21.Orders and directions in certain cases

        The Appellate Tribunal may make such orders or give such directions as may be necessary or expedient to give effect to its orders or to prevent abuse of its process or to secure the ends of justice.

    • 22.Working hours of the Appellate Tribunal

        (1) Except on Saturdays, Sundays and other public holidays the offices of the Appellate Tribunal shall, subject to any other order made by the Presiding Officer, remain open daily from 10 a.m. to 6 p.m. but no work, unless of an urgent nature, shall be admitted after 4.30 p.m. on any working day.

        (2) The sitting hours of the Appellate Tribunal shall ordinarily be from 10.30 a.m . to 1.00 p.m. and 2.00 p.m. to 5.00 p.m. subject to any order made by the Presiding Officer.

    • 23.Holiday

        Where the last day for doing any act falls on a day on which the office of the Appellate Tribunal is closed and by reason thereof the act cannot be done on that day, it may be done on the next day on which that office opens.

    • 24.Powers and functions of the Registrar

        (1) The Registrar shall have the custody of the records of the Appellate Tribunal and shall exercise such other functions as are assigned to him under these rules or by the Presiding Officer by a separate order in writing.

        (2) The official seal shall be kept in the custody of the Registrar.

        (3) Subject to any general or special direction by the Presiding Officer, the seal of the Appellate Tribunal shall not be affixed to any order, summons or other process have under the authority in writing from the Registrar.

        (4) The seal of the Appellate Tribunal shall not be affixed to any certified copy issued by the Appellate Tribunal save under the authority in writing of the Registrar.


         

    • 25.Additional powers an duties of Registrar

        In addition to the powers conferred elsewhere in these rules, the Registrar shall have the following powers and duties subject to any general or special orders of the Presiding Officer namely:-

        (1) to receive all appeals and other documents?

        (2) to decide all question arising out of the scrutiny of the appeals before they are registered?

        (3) to require any appeal presented to the Appellate Tribunal to be amended in accordance with the rules?

        (4) subject to the directions of the Presiding Officer to fix date of hearing of the appeals or other proceedings and issue notices thereof?

        (5) direct any formal amendment of records?

        (6) to order grant of copies of documents to parties to proceedings?

        (7) to grant leave to inspect the record of Appellate Tribunal?

        (8) dispose of all matters relating to the service of notices or other processes, application for the issue of fresh notice or for extending the time for or ordering a particular method of service on a respondent including a substituted service by publication of the notice by way of advertisements in the newspapers?

        (9) to requisition records from the custody of any court or other authority.

         

         

    • 26.Seal and emblem

        The official seal and emblem of the Appellate Tribunal shall be such as the Central Government may specify.

  • Depositories (Appeal to Securities Appellate Tribunal) Rules, 2000
    • 1.Short title and commencement

        In exercise of the powers conferred by section 24 read with section 23A, of the Depositories Act, 1996 (22 of 1996), the Central Government hereby makes the following rules, namely:—

        (1) These rules may be called the Depositories (Appeal to Securities Appellate Tribunal) Rules, 2000.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2.Definitions

        (1) In these rules, unless the context otherwise requires,—

        (a) “Act” means the Depositories Act, 1996 (22 of 1996);
        (b) “appeal” means an appeal preferred under section 23A of the Act;
        (c) “Appellate Tribunal” means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
        (d) “form” means the form appended to these rules;
        1[(da) ‘Member’ means the Member of the Securities Appellate Tribunal appointed under section 15L of the Securities and Exchange Board of India Act, 1992 (15 of 1992).]
        (e) “party” means a person who prefers an appeal before the Appellate Tribunal and includes respondent;
        (f) “Presiding Officer” means the Presiding Officer of the Securities Appellate Tribunal appointed under section 15L of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
        (g) “rules” means the rules made under the Act;
        2[(h) “Registrar” means the Registrar of the Appellate Tribunal and includes an officer of such Appellate Tribunal who is authorised by the Presiding Officer to function as Registrar;]
        (i) “registry” means the registry of the Appellate Tribunal.
        (2) Words and expressions used and not defined in these rules but defined in these rules but defined in the Depositories Act, 1996 shall have the meanings respectively assigned to them in that Act.

    • 3.Limitation for filing an appeal

        An appeal may be preferred by the aggrieved person within a period of forty-five days from the date on which a copy of the order, made by the Board under the Act or the regulations made thereunder, is received by the person :
        Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.

    • 4.Form and procedure of appeal

        (1) A memorandum of appeal shall be presented in the Form by any aggrieved person in the registry of the Appellate Tribunal within whose jurisdiction his case falls or shall be sent by registered post addressed to the Registrar.
        (2) A memorandum of appeal sent by post shall be deemed to have been presented in the registry on the day it was received in the registry.

    • 5.Sittings of Appellate Tribunal

        1[1] The Appellate Tribunal shall hold its sitting either at a place where its office is situated or at such other place falling within its jurisdiction, as it may deem fit by the Appellate Tribunal.
        2[(2) In the temporary absence of the Presiding Officer, Government may authorise one of the two other members to preside over the sitting of the Tribunal either at a place where its office is situated or at such other place falling within its jurisdiction as it may deem fit by the Appellate Tribunal.]

    • 6.Language of Appellate Tribunal

        (1) The proceedings of the Appellate Tribunal shall be conducted in English or Hindi.

        (2) No appeal, application, representation, document or other matters contained in any language other than English or Hindi, shall be accepted by Appellate Tribunal, unless the same is accompanied by a true copy of translation thereof in English or Hindi.

    • 7.Appeal to be in writing

        (1) Every appeal, application, reply, representation or any document filed before the Appellate Tribunal shall be typewritten, cyclostyled or printed neatly and legibly on one side of the good quality paper of foolscap size in double space and separate sheets shall be stitched together and every page shall be consecutively numbered and filed in the manner provided in sub-rule (2).
        (2) The appeal under sub-rule (1) shall be presented in 3[five] sets in a paper book along with an empty file size envelope bearing full address of the respondent and in case the respondents are more than one, then sufficient number of extra paper books together with empty file size envelope bearing full addresses of each respondent shall be furnished by the appellant.

    • 8.Presentation and scrutiny of memorandum of appeal

        (1) The Registrar shall endorse on every appeal the date on which it is presented under rule 4 or deemed to have been presented under that rule and shall sign endorsement.
        (2) If, on scrutiny, the appeal is found to be in order, it shall be duly registered and given a serial number.

        (3) If an appeal on scrutiny is found to be defective and the defect noticed is formal in nature, the Registrar may allow the appellant to rectify the same in his presence and if the said defect is not formal in nature, the Registrar may allow the appellant such time to rectify the defect as he may deem fit. If the appeal has been sent by post and found to be defective, the Registrar may communicate the defects to the appellant and allow the appellant such time to rectify the defect as he may deem fit.
        (4) If the appellant fails to rectify the defect within the time allowed in sub-rule (3), the Registrar may by order and for reasons to be recorded in writing, decline to register such memorandum of appeal and communicate the order to the appellant within seven days thereof.
        1[(5) An appeal against the order of the Registrar under sub-rule (4) shall be made within 15 days of receiving of such order to the Presiding Officer or in his temporary absence, to the Member authorized under sub-rule (2) of rule 5, whose decision thereon shall be final.]

    • 9.Payment of Fees

        2[(1) Every memorandum of appeal shall be accompanied with a fee as provided in sub-rule (2) and such fee may be remitted in the form of crossed demand draft drawn on any nationalized bank in favour of “The Registrar, Securities Appellate Tribunal” payable at the station where the registry is located.
        (2) The amount of fee payable in respect of appeal against adjudication orders made under the Act shall be as follows:

        Serial No. Amount of Penalty Imposed Amount of fees payable
        (1) (2) (3)
        (i) Less than rupees ten thousand Rs. 500
        (ii) Rupees ten thousand or more but less than one lakh Rs. 1200
        (iii) Rupees one lakh or more Rs. 1200 plus Rs. 500 for every additional one lakh of penalty or fraction
        thereof subject to a maximum of Rs. 1,50,000.]

         

    • 10.Contents of memorandum of appeal

        (1) Every memorandum of appeal filed under rule 4 shall set forth concisely under distinct heads, the grounds of such appeal without any argument or narrative, and such ground shall be numbered consecutively and shall be in the manner provided in sub-rule (1) of rule 7.
        (2) It shall not be necessary to present separate memorandum of appeal to seek interim order or direction if in the memorandum of appeal, the same is prayed for.

    • 11.Documents to accompany memorandum of appeal

        1[(1) Every memorandum of appeal shall be in five copies and shall be accompanied with copies of the order, at least one of which shall be a certified copy, against which the appeal is filed.]
        (2) Where a party is represented by authorised representative, a copy of the authorisation to act as the authorised representative and the written consent thereto by such authorised representative, shall be appended to the appeal.

    • 12.Plural remedies

        A memorandum of appeal shall not seek relief or reliefs therein against more than one order unless the reliefs prayed for are consequential.

    • 13.Notice of appeal to the respondent

        Copy of the memorandum of appeal and paper book shall be served by the Registrar on the respondent as soon as they are registered in the registry, by hand delivery, or by Registered Post or Speed Post.

    • 14.Filing of reply to the appeal and other documents by the respondent

        (1) The respondent may file 2[five] complete sets containing the reply to the appeal along with documents in a paper book form with the registry within one month of the service of the notice on him of the filing of the memorandum of appeal.
        (2) Every reply, application or written representation filed before the Appellate Tribunal shall be verified in the manner provided for, in the Form.
        (3) A copy of every application, reply, document or written material filed by the respondent before the Appellate Tribunal shall be forthwith served on the appellant by the respondent.
        (4) The Appellate Tribunal may, in its discretion, on application by the respondent allow the filing of reply referred to in sub-rule (1) after the expiry of the period referred to therein.

    • 15.Date of hearing to be notified

        The Appellate Tribunal shall notify the parties the date of hearing of the appeal in such manner as the Presiding Officer may by general or special order direct.

    • 16.Hearing of appeal

        (1) On the day fixed or on any other day to which the hearing may be adjourned, the appellant shall be heard in support of the appeal. The Securities Appellate Tribunal shall, then, if necessary, hear the Board or its authorised representative against the appeal, and in such case the appellant shall be entitled to reply. During the course of the hearing of appeal the written arguments could be supplemented by time-bound oral arguments.
        1[Provided that in case of temporary absence of the Presiding Officer or of the Member authorised by the Government under sub-rule (2) of rule 5, the Presiding Officer can authorise the other Member present on that day to hear the Board or authorised representative against the appeal.]
        (2) In case the appellant does not appear in person or through an authorised representative when the appeal is called for hearing, the Securities Appellate Tribunal may dispose of the appeal on the merits:
        Provided that where an appeal has been disposed of as provided above and the appellant appears afterwards and satisfies the  curities Appellate Tribunal that there was sufficient cause for his not appearance, when the appeal was called for hearing, the Securities Appellate Tribunal shall make an order setting aside the ex parte order and restore the appeal.
        2[Dress regulations for the Presiding Officer, Members and for the representative of the parties

    • 17.2Dress regulations for the Presiding Officer, Members and for the representative of the parties

        (1) The dress of the Presiding Officer shall be white or striped or black pant with black coat over white shirt and band or buttoned up black coat and band. The dress for the two other Members shall be white or striped or black pant with black coat over white shirt and black tie or buttoned up black coat. In the case of a female Presiding Officer or a Member, the dress shall be black coat over a white saree.

        (2) Every authorized representative, other than a relative of regular employee of the party shall appear before the Appellate Tribunal in his professional dress if any, and if there is no such dress a male, in a suit or buttoned up coat over a pant or national dress that is a long buttoned up coat on dhoti or churidar pyjama, and a female, in a coat over a white or any other sober coloured saree or in any other sober dress.

        (3) All other persons appearing before the Appellate Tribunal shall be properly dressed.

    • 18.Order to be signed and dated

        (1) Every order of the Appellate Tribunal shall be signed and dated by the Presiding Officer and the two other Members. The Presiding Officer will have powers to pass such interim orders or injunctions, subject to reasons to be recorded in writing, which it considers necessary in the interest of justice.
        (2) Orders shall be pronounced in the sitting of the Appellate Tribunal by the Presiding Officer or in case of the temporary absence of the Presiding Officer, by the Member authorized under sub-rule (2) of rule 5.]

    • 19.Publication of orders

        The orders of the Appellate Tribunal, as are deemed fit for publication in any authoritative report or the press may be released for such publication on such terms and conditions as the Presiding Officer may lay down.

    • 20.Communication of orders

        A certified copy of every order passed by the Appellate Tribunal shall be communicated to the Board, the Adjudicating Officer and to the parties, as the case may be.

    • 21.Orders and directions in certain cases

        The Appellate Tribunal may make such orders or give such directions as may be necessary or expedient to give effect to its orders or to prevent abuse of its process or to secure the ends of justice.

    • 22.Fee for inspection of records and obtaining copies thereof

        (1) A fee of rupees twenty, for every hour or part thereof of inspection subject to a minimum of rupees one hundred shall be charged for inspecting the records of a pending appeal by a party thereto.
        (2) A fee of rupees five for a folio or part thereof not involving typing and a fee of rupees ten for a folio or part thereof involving typing of statement and figures shall be charged for providing copies of the records of an appeal to a party thereto.

    • 23.Working hours of the Appellate Tribunal

        (1) The office of the Appellate Tribunal shall observe such public and other holidays as observed by the offices of the Central Government in the locality where the office of the Appellate Tribunal is situated.

        (2) The Appellate Tribunal shall, subject to any other order made by the Presiding Officer, remain open on working days from 10 AM to 6.00 PM. But no work, unless of an urgent nature, shall be admitted after 4.30 PM on any working day.

        (3) The sitting hours of the Appellate Tribunal shall ordinarily be from 10.30 AM to 1.00 PM and 2.00 PM to 5.00 PM, subject to any order made by the Presiding Officer.

    • 24.Holiday

        Where the last day for doing any act falls on a day on which the office of the Appellate Tribunal is closed and by reason thereof the act cannot be done on that day, it may be done on the next day on which that office opens.

    • 25.Functions of the Registrar

        1[(1) The Registrar shall discharge his functions under the general superintendence of the Presiding Officer or in the temporary absence of the Presiding Officer, the Member authorized under sub-rule (2) of rule 5. He shall discharge such other functions as are assigned to him under these rules by the Presiding Officer or in the temporary absence of the Presiding Officer, by the Member authorized under sub-rule (2) of rule 5, by a separate order in writing];

        (2) He shall have the custody of the records of the Appellate Tribunal. (3) The official seal of the Appellate Tribunal shall be kept in the custody of the Registrar. 

        2[(4) Subject to any general or special direction by the Presiding Office, or in the temporary absence of the Presiding Officer, the Member authorized under sub-rule (2) of rule 5, the official seal of the Appellate Tribunal shall not be affixed to any order, summons or other process save under the authority in writing from the Registrar.]
        (5) The official seal of the Appellate Tribunal shall not be affixed to any certified copy issued by the Appellate Tribunal, save under the authority in writing of the Registrar.

    • 26.Additional functions and duties of Registrar

        In addition to the functions and duties assigned in the rules, the Registrar shall have the following functions and duties subject to any general or special order of the Presiding Officer or in his temporary absence, the Member authorized under sub-rule (2) of rule 5,
        namely :—
        (i) to receive all appeals, replies and other documents;
        (ii) to decide all questions arising out of the scrutiny of the appeal before they are registered;
        (iii) to require any appeal presented to the Appellate Tribunal to be amended in accordance with the rule;
        (iv) subject to the directions of the Presiding Officer, or in his temporary absence, the Member authorized under sub-rule (2) of rule 5, to fix a date of hearing of the appeals or other proceedings and issue notices thereof;
        (v) to direct any formal amendment of records;
        (vi) to order grant of copies of documents to parties to proceedings;
        (vii) to grant leave to inspect the record of the Appellate Tribunal;
        (viii) to dispose of all matters relating to the service of notices or other processes, application for the issue of fresh notice or for extending the time for or ordering a particular method of service on a respondent including a substituted service by publication of the notice by way of advertisement in the newspapers; and 

        (ix) for requisition of records from the custody of any court or other authority.]

    • 27.Seal and emblem

        The official seal and emblem of the Appellate Tribunal shall be such as the Central Government may specify.

    • 28.Repeal and saving

        (1) The Depositories (Appeal to the Central Government) Rules, 1998 are hereby repealed.
        (2) Notwithstanding such repeal anything done or any action taken under the said rules, shall be deemed to have been done or taken under the corresponding provisions of these rules.

  • Securities and Exchange Board of India (Merchant Bankers) Rules, 1992
    • 1. Short title and commencement

        These rules may be called the Securities and Exchange Board of India (Merchant Bankers) Rules, 1992

    • 2.Definitions

        In these rules, unless the context otherwise requires :

        a."Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992)?

        b. "body corporate" shall have the meaning assigned to it in or under clause (7) of section 2 of the Companies Act, 1956 (1 of 1956)?

        c. "certificate" means a certificate of registration issued by the Board?

        d. "issue’ means –
        i. public offer of securities for sale?
        ii. sale or purchase of securities or transfer thereof by any other means, by any body corporate or any person on his own behalf or on behalf of the body corporate through a merchant banker?

        a. "merchant banker" means any person who is engaged in the business of issue management either by making arrangements regarding selling , buying or subscribing to securities as manager, consultant, adviser or rendering corporate advisory service in relation to such issue management?

        b. "regulations" means the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992.

        No person to act as merchant Banker without registration : 3.No person shall carry on any activitiy as a merchant banker unless he holds a certificate granted by the Board under the regulations.

        Provided that such person, who were engaged as merchant banker prior to the coming into force of the Act, may continue to carry on activity as merchant banker if he has made an application for such registration till the disposal of such application.

        Conditions of grant or renewal Of certificate to merchant Banker : 4. The Board may grant or renew a certificate to a merchant banker subject to the following conditions , namely?

        a. the merchant banker, in case of nay change in its status and constitution, shall obtain the prior permission of the Board to carry on its activities as a merchant banker’

        b. he shall pay the amount of fees for registration or renewal, as the case may be, in the manner provided in the regulations?

        c. he shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received?

        d. he shall abide by the rules and regulations made under the Act in respect of the activities carried on by the merchant banker.

        Period of validity of the Certificate : 5. The certificate of registration or its renewal, as the case may be, issued under rule 4 shall be valid for a period of three years from the date of its issue to the applicant.

  • SEBI (Registrars to An Issue And Share Transfer Agents) Rules, 1993
    • 1.Short title and commencement

        G S R .436 (E) In exercise of the powers conferred by section 29 of the Securities and Exchange Board of India, Act 1992, (15 of 1992) the Central Government hereby makes the following rules, namely :

        (1) These rules may be called the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Rules, 1993.

        (2) They shall come into force on the date of their publication in the Official Gazette.

    • 2.Definitions

        In these rules, unless the context otherwise requires (
        a) "Act" means the Securities and Exchange Board of India, Act 1992 (15 of 1992)?


        (b) "body corporate" means a body corporate as defined in clause (7) of section 2 of the Companies Act, 1956? ( 1 of 1956)?


        (c) "certificate" means a certificate of registration granted or renewed by the Board under the regulations?


        (d) "issue" means an offer of sale or purchase of securities by any body corporate or by any other person or group of persons on its or his or their behalf, as the case may be, to or from, the public, or, the holders of securities of such body corporate or person or group of persons?

        (e) "registrar to an issue" means the person appointed by a body corporate or any person or group of persons to carry on the following activities on its or his or their behalf, namely :

        (i) collecting applications from investors in respect of an issue?

        (ii) keeping a proper record of applications and monies received from investors or paid to the seller of the securities? and

        (iii) assisting body corporate or person or group of persons in:


        (a) determining the basis of allotment of securities in consultation with the stock exchange?
        (b) finalising of the list of persons entitled to allotment of securities?
        (c) processing and despatching allotment letters, refund orders or certificates and other related documents in respect of the issue?

        (f) "regulations" means the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993?
        (g) "share transfer agent" means:

        (i) any person, who on behalf of any body corporate maintains the record of holders of securities issued by such body corporate and deals with all matters connected with the transfer and redemption of its securities?
        (ii) a department or division (by whatever name called) of a body corporate performing the activities referred in subclause (i) if, at any time the total number of the holders of securities issued exceed one lakh?
        (h) "stock exchange" means a stock exchange which is for the time being recognised by the Central Government under
        section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).

         

    • 3.Not to act as registrars to issue, share transfer agent without registration

        No person shall act either as a registrar to an issue or as a share transfer agent unless he holds a certificate granted by the Board under the regulations :
        Provided that such person may continue to act as registrar to an issue or share transfer agent if he has made an application for such registration under the proviso to subsection (1) of section 12 of the Act till the disposal of such application.

    • 4.Conditions for grant or renewal of certificate

        (1) The Board may grant or renew a certificate to a registrar to an issue or a share transfer agent subject to the following conditions namely :
        (a) in case of any change in the status and constitution, it or he shall obtain prior permission of the Board to continue to act as registrar to an issue or share transfer agent?
        (b) without prejudice to the obligations under any other law the registrar to an issue or share transfer agent, shall enter into a valid agreement with the body corporate or the person or group of persons for or on whose behalf he is buying or selling or dealing in securities as a registrar to an issue or as a transfer agent and the said agreement amongst other things may define the allocation of duties and responsibilities between him and such body corporate or persons or group of persons, as the case may be?
        (c) he pays the amount of fees for registration in the manner provided in the regulations?
        (d) he maintains capital adequacy requirements specified in the regulations at all times during the period of the certificate or renewal thereof?
        (e) he shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaints and he shall keep the Board informed about the number, nature and other particulars of the complaints received and the manner in which such complaints have been redressed.

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