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SECURITIES
AND EXCHANGE BOARD OF INDIA
(APPEAL TO CENTRAL GOVERNMENT) RULES, 1993
GSR 362(E), dated 2-4-1993
In exercise of the powers conferred
by section 29 read with section 20 of the Securities and Exchange Board of
India Act, 1992 (15 of 1992), the Central Government hereby makes the
following rules, namely:-
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.
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
(a)
in relation to an appellant, a person
duly authorised by the appellant to present an appeal on his behalf to the
Central Government;
(b)
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.
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.
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 sub- rule (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.
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 "065- other Admn. Services - Other Services
- Other Receipts".
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.
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.
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.
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.
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.
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.
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 sub-rule
(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.
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.
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.
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 non-appearance, when the appeal was called for
hearing, the Central Government shall make an order setting aside the ex
parte order and restore the appeal.
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.
Order to be signed and dated
The
Order of the Central Government shall be in writing and shall be signed and
dated.
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.
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