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Securities Appellate Tribunal (Procedure) (Amendment) Rules, 2003. - F. No. 5/33/CM/2003-G.S.R. 856(E) - SEBIExtract MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 31st October, 2003 G.S.R. 856(E). -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, the Central Government hereby makes the following rules to amend the Securities Appellate Tribunal (Procedure) Rules, 2000, namely:- 1. Short title and commencement. (1) These Rules shall be called as Securities Appellate Tribunal (Procedure) (Amendment) Rules, 2003. (2) They shall come into force from the date of their notification in the Official Gazette. 2. In rule 2, in sub rule (l), after clause (e), the following clause shall be inserted, namely:- (ee) Member means the Member of the Securities Appellate Tribunal appointed under section 15 L of the Act 3. The existing rule 5 shall be numbered as sub-rule (1) of rule 5, and after sub-rule (l) as so numbered, following 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 8, for sub rule (5), the following shall be substituted, namely:- (5). An appeal against 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 5. In rule 11, for sub rule (l), the following shall be substituted, namely: (l) 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 . 6. In rule 14, in sub rule (1), for the word three , the word five shall be substituted. 7. In rule 16, in sub-rule (l), 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 . 8. (i) In Rule 17, for the marginal note, the following shall be substituted, namely:- Dress regulations for the Presiding Officer, Members and for the representative of the parties ; (ii) for sub-rule (1), the following shall be substituted, namely:- (1) The dress for the Presiding Officer and 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 the white saree. 9. For rule 18, the following shall be substituted, namely:- 18(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 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. 10. (i) In rule 25, for sub-rule (l), the following shall be substituted, namely:- (i) 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; (ii) for sub-rule (4), the following 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 11. For rule 26, the following shall be substituted, namely:- 26. 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 date of hearing of the appeal or other proceedings and issue notices thereon; (v) to direct any formal amendment or 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) to requisition records from the custody of any court or other authority [F. No. 5/33/CM/2003] U. K. SINHA, Jt. Secy. Note: The principal rules were published in the Gazette of India vide G.S.R. 144(E) dated 18th February, 2000.
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