Securities Contracts (Regulation) (Appeal to Securities Appellate Tribunal) (Amendment) Rules, 2005. - F. No. 5/33/CM/03-G.S.R.54(E) - SEBI

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 31st January, 2005 G.S.R.54(E).- In exercise of the powers conferred by section 30 read with sections 22A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) (Appeal to Securities Appellate Tribunal) Rules, 2000, namely:- 1. (i) These rules may be called as Securities Contracts (Regulation) (Appeal to Securities Appellate Tribunal) (Amendment) Rules, 2005. 2. In Securities contracts (Regulation) (Appeal to Securities Appellate Tribunal) Rules, 2000, (hereinafter referred to as the said rules), rule 1 relating to the Definitions shall be renumbered as rule 2 thereof, and in rule 2 as so renumbered, after clause (e), the following clause shall be inserted, namely:- (ea) 'Member' means the member of the Securities Appellate Tribunal appointed under section 15L of the Securities Exchange Board of India Act, 1992 (15 of 1992). 3. Rule 5 of the said rules shall be numbered as sub-rule (l) there of, and after sub-rule (l) as so numbered, the following sub-rule shall be inserted, namely:- (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 . 4. In rule 7 of the said rules, in sub rule (2), for the figure 3 , the word five shall be substituted. 5. In rule 8 of the said rules, for sub rule (5), the following sub-rule shall be substituted, namely:- (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. 6. In rule 9 of the said rules, for sub-rules (1) and (2), the following shall be substituted, namely:- (l) 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: TABLE Serial number 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 ₹ 500 for every additional one lakh of penalty or fraction thereof subject to a maximum of ₹ 1,50,000. 7. In rule 11 of the said rules, for sub rule (l), the following sub-rule shall be substituted, namely: (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. 8. In rule 14 of the said rules, in sub rule (1), for the word three , the word five shall be substituted. 9. In rule 16 of the said rules, in sub-rule (1), the following proviso shall be inserted, namely:- 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 . 10. For rule 17 of the said rules, the following rule shall be substituted, namely:- Dress regulations for the Presiding Officer, Members and for the representative 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 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 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 churidar 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. 11. For rule 18 of the said rules, the following rule shall be substituted, namely:- 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 injunction, 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 . 12. in rule 25 of the said rules:- (i) for sub-rule (1), the following sub-rule shall be substituted namely:- (l) 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) for sub-rule (4), the following sub-rule shall be substituted, namely:- (4) Subject to any general or special direction by the Presiding Officer, 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. 13. For rule 26 of the said rules, the following shall be substituted, namely:- 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 . [F. No. 5/33/CM/03] U.K. SINHA. Jt. Secy. Note: The principal rules were published in the Gazette of India vide G.S.R. 144(E) dated 18 th February, 2000.