Appendices‑Part VI
‑ [App. 81 to 90]
SECURITIES CONTRACTS (REGULATION) (APPEAL TO SECURITIES APPELLATE TRIBUNAL) RULES, 2000
In exercise of the powers
conferred by section 30 read with section 22A of the Securities Contracts
(Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the
following rules, namely:
1. Short
title and commencement.‑ (1) These rules may be called the Securities Contracts (Regulation) (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 Securities
Contracts (Regulation) Act, 1956 (42 of 1956);
(b) "appeal" means appeal filed
under section 22A of the Act or under sub‑rule (5) of rule 19 or sub‑rule
(5) of rule 20 of the Securities Contracts (Regulation) Rules, 1957]
(c) "Appellate Tribunal" means the
Securities Appellate Tribunal constituted under section 15K of the Securities
and Exchange Board of India Act, 1992 (15 of 1992);
(d) "bye‑laws" means bye‑laws made by a
stock exchange under 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 Securities and Exchange Board of India Act, 1992 (15 of 1992);
(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;
(j) "rules" means the rules made under the Act;
(k) "recognised stock exchange"
means a stock exchange defined under clause (f) of section 2 of the Act;
(l) "stock exchange" means a
stock exchange defined under clause 0) of section 2 of the Act;
(2) Words and expressions used and not
defined in these rules but defined in the Securities Contracts (Regulation)
Act, 1956, shall have the meanings respectively assigned to them in that Act.
3. Limitation
for filing an appeal.- (1) Where a recognised stock exchange acting
in pursuance of
any power given to it by its bye‑laws, refuses to list the securities of
any company, the company shall be entitled to be furnished with reasons for
such refusal and may,
(a) within 15 days from the date on which
the reasons for such refusal are furnished to it, or
(b) where the stock exchange had omitted or
failed to dispose of, within the time specified in sub‑section (1A) of
section 73 of the Companies Act, 1956 (hereinafter in this rule referred to as
the "specified time"), the application for permission for the shares
or debentures to be dealt with on the stock exchange, within 15 days from the
date of expiry of the specified time or within such further period, not
exceeding one months, as the Appellate Tribunal may, on sufficient cause being
shown, allow,
appeal to the Securities
Appellate Tribunal having jurisdiction in the matter against such refusal,
omission or failure, as the case may be.
(2) 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, of a recognised stock exchange withdrawing
admission to dealings or suspending admission to dealings which continues for a
period exceeding three months in any security/units or other instruments of a
'collective instrument scheme', as defined under the Securities and Exchange
Board of India Act, 1992 (15 of 1992), is received by the appellant :
Provided that
the Appellate Tribunal may entertain an appeal after the expiry of the 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.
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 full
scap 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 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.
(5) An appeal against the order of the
Registrar under sub‑rule (4) shall be made within fifteen days of the
receiving of such order to the Presiding Officer concerned in his chamber,
whose decision thereon shall be final.
9. Payment of fees.‑
(1) Every appeal shall be accompanied by a fee of rupees five thousand
only.
(2) The amount of fees shall be remitted in
the form of crossed demand draft drawn on a nationalised bank in favour of
"the Registrar, Securities Appellate Tribunal" payable at the station
where the registry is located.
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 grounds 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 a
auiliorised 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
reiuedies.- 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 the 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 appeal 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 owners
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 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 holiday 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 from 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 open.
25. Functions of the Registrar.‑ (1) The Registrar shall discharge his functions
under the 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 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.
(See rule 4)
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 Contracts (Regulation) Act, 1956 (42 of 1956)
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 the registered office of the appellant;
(iii) Address
for 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 22D of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).
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
(Name in block letters)
hereby verify 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 :
To
The Registrar
_____________________
_____________________