Appendix 76

SECURITIES APPELLATE TREBUNAL (PROCEDURE) RULES, 2000

Notification No. GSR 142(E), dated 18^th February, 2000

In exercise of the powers conferred by section 29 read with sections 15T and 15U of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Central Government hereby makes the following rules, namely:

1. Short title and commencement.- (1) These rules may be called the Securities Appellate Tribunal (Procedure) 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 Securities and Exchange Board of India Act, 1992 (15 of 1992);

(b) "adjudicating officer" means an officer appointed under sub‑section (1) of section 15‑1 of the Act;

(d) "Appellate Tribunal" means the Securities Appellate Tribunal established under section 15K of the Act;

(e) "form" means the form appended to these rules;

(f) "party" means a person who prefers an appeal before the Appellate Tribunal and includes respondent;

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

(h) "rules" means the rules made under the Act;

(i) "Registrar" means the Registrar of the Appellate Tribunal and includes on officer of such Appellate Tribunal who is authorised by the Presiding Officer to function as Registrar;

(j) "registry" means the registry of the Appellate Tribunal.

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

3. Limitation for filing appeal‑

(1) Every appeal shall be filed within a period of forty‑five days from the date on which a copy of the order against which the appeal is filed, is received by the appellant:

Provided that the 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.‑ 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.

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 the 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 foolscape 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 three sets in a paper book along with an empty file size envelope bearing the 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 be 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.

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

9. Fee‑

(1) Every memorandum o f appeal shall be accompanied with a fee provided in sub‑rule (2) and such fee may be remitted in the form of crossed demand draft drawn on any nationalised bank in favour of "the Registrar, Securities Appellate Tribunal" payable at the station where the registry is located.

(2)

(i) The amount of fee payable in respect of appeal against adjudication orders made under Chapter VIA of the Act shall be as follows :-

TABLE

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 lakh	Rs. 1,200
3. Rupees one lakh or more	Rs. 1,200 plus Rs. 1,000 for every additional one lakh of penalty or fraction thereof.

(ii) Amount of fee payable in respect of any other appeal against an order of the Board under the Act shall be rupees five thousand only.

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) Every memorandum of appeal shall be in triplicate and shall be accompanied by 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 an 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.‑ (1) A 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 three 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 notifled.‑ The Appellate Tribunal shall notify the parties of the date of hearing of the appeal in such manner as the Presiding Officer may be 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.

(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 Securities Appellate Tribunal that there was sufficient cause for his non 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.

17. Dress regulations for the Presiding Officer and for the representatives of the parties.- (1) The dress for the Presiding Officer shall be white or striped or black pant with black coat over white shirt and black tie or a buttoned‑up black coat. In the case of female Presiding Officer, the dress shall be black coat over the white saree.

(2) Every authorised representative, other than a relative or 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 churridar pyjama, and a female, in a coat over 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. The Presiding Officer will have powers to pass interim orders or injunctions, subject to reasons to be recorded in writing, which it considers necessary in the interest of justice.

(2) The order shall be pronounced in the sitting of the Appellate Tribunal.

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 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 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.

(3) The sitting hours of the Appellate Tribunal shall ordinarily be form 10.30 a.m. to 1 p.m. and 2 p.m. to 5 p.m., 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) The Registrar shall discharge his functions under general superintendence of the Presiding Officer. He shall discharge such other functions as are assigned to him under these rules or by the Presiding Officer 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.

(4) Subject to any general or special direction by the Presiding Officer, 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 orders of the Presiding Officer namely :

(1) to receive all appeals, replies and other documents;

(2) to decide all questions 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 the date of hearing of the appeals or other proceedings and issue notices thereof,

(5) to 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 the Appellate Tribunal;

(8) 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;

(9) to requisition 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 Securities and Exchange Board of India Appellate Tribunal (Procedure) Rules, 1995, 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.

[F.No. 1/69/SE/98]

FORM

(See rule 4)

Memorandum of Appeal

For use in Appellate Tribunal's office :

Date of presentation in the registry :

Date of receipt by post :

Registration number :

Signature :

Registrar :

Before the Securities Appellate Tribunal :

In the matter of the Securities and Exchange Board of India Act, 1992 (15 of 1992)

and

In the matter of appeal against the order made on ________________________________ by ____________________________________

A.B.‑appellant

C.D. and other respondent(s).

Details of appeal:

1. Particulars of the appellant:

(i) Name of the appellant,

(ii) Address of registered office of the appellant;

(iii) Address of service of all notices;

(iv) Telephone/Fax number and E‑mail address, if any.

2. Particulars of the respondent(s) :

(i) Name of the respondent(s);

(ii) Office address of the respondent(s);

(iii) Address of respondent(s) for service of all notices;

(iv) Telephone/Fax number and E‑mail address, if any.

3. Jurisdiction of the Appellate Tribunal.‑ The appellant declares that the matter of appeal falls within the jurisdiction of the Appellate Tribunal.

4. Limitation.‑ The appellant further declares that the appeal is within the limitation as prescribed in section 15W of the Securities and Exchange Board of India Act, 1992.

5. Facts of the case and the details of the order against which appeal is filed:

The facts of the case are given below:

(give here a concise statement of facts and grounds of appeal against the specified order in a chronological order, each paragraph containing as neatly as possible as separate issue, fact or otherwise).

6. Relief(s) sought.‑In view of the facts ;mentioned in paragraph 5 above, the appellant prays for the following relief(s) (specify below the relief(s) sought, explain the grounds for relief(s) and the legal provisions, if any, relied upon).

7. interim order, if prayed for.‑ Pending final decision of the appeal the appellant seeks issue of the following interim order:

(give here the nature of the interim order prayed for with reasons).

8. Matter not pending with any other court, etc.‑The appellant further declares that the matter regarding which this appeal has been made is not pending before any court of law or any other authority or any other Tribunal.

9. Particulars in respect of the fee paid in terms of rule 9 of these rules :-

(1) Amount of fees;

(2) Name of the bank on which Demand Draft is drawn;

(3) Demand Draft Number.

10. Details of index.‑ An index containing the details of the documents to be relied upon is enclosed.

11. List of enclosures.

Signature of the appellant/authorised representative

VERIFICATION

I, _______________________________________ son/daughter/wife of (Name in block letters) Shri ________________________________________ being the appellant/ authorised representative of ___________________________________ do hereby verify

(Name of the appellant)

that the contents of paras. 1 to 11 are true to my personal knowledge and belief and that I have not suppressed any material facts.

Signature of the appellant/authorised representative

Place : _______

Date : _______

The Registrar

_______________________