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THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

Title : THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

Year : 1992



(1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.

(2) The accounts of the Board shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General of India.

(3) The Comptroller and Auditor-General of India and any other person appointed by him in connection with the audit of the accounts of the Board shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General generally has in connection with the avid it of the Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Board.

(4) The accounts of the Board as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.

15A - Penalty for failure to furnish information, return, etc.

If any person, who is required under this Act or any rules or regulations made thereunder,-

(a) To furnish any document, return or report to the Board, fails to furnish the same, he shall be liable to 1*[a penalty 4*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees];

(b) To file any return or furnish any information, books or other documents within the time specified therefor in the regulations, fails to file return or furnish the same within the time specified therefor in the regulations, he shall be liable to 2*[a penalty 4*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees];

(c) To maintain books of account or records, fails to maintain the same, he shall be liable to 3*[a penalty 4*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees].

15B - Penalty for failure by any person to enter into agreement with clients

If any person, who is registered as an intermediary and is required tinder this Act or any rules or regulations made there under to enter into an agreement with his client, fails to enter into such agreement, he shall be liable to 5*[a penalty 6*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees].

15C -7* Penalty for failure to redress investors' grievances

If any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing, to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to a penalty 8*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees].

15D - Penalty for certain defaults in case of mutual funds

If any person, who is-

(a) Required under this Act or any rules or regulations made there under to obtain a certificate of registration from the Board for sponsoring or carrying on any collective investment scheme, including mutual funds, sponsors or carries on any collective investment scheme, including mutual funds, without obtaining such certificate of registration, he shall be liable to  9*[a penalty of 14*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees];

(b) Registered with the Board as a collective investment scheme, including mutual funds, for sponsoring or carrying on any investment scheme, fails to comply with the terms and conditions of certificate of registration, he shall be liable to 10*[a penalty 14*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees];

(c) Registered with the Board as a collective investment scheme including mutual funds, fails to make an application for listing of its schemes as provided for in the regulation governing such listing, he shall be liable to 11*[a penalty 14*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees]];

(d) Registered as a collective investment scheme, including mutual funds, fails to despatch unit certificates of any scheme in the manner provided in the regulation governing such despatch, he shall be liable to 12* [a penalty 14*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees]];

(e) Registered as a collective investment scheme, including mutual funds, fails to refund the application monies paid by the investors within the period specified in the regulations, he shall be liable to 12* [a penalty 14*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees];

(f) Registered as a collective investment scheme, including mutual funds, fails to invest money collected by such collective investment schemes in the manner or within the period specified in the regulations, he shall be liable to 13*[a penalty 14*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees].

15E - Penalty for failure to observe rules and regulations by an asset management company

Where any asset management company of a mutual fund registered under this Act fails to comply with any of the regulations providing for restrictions on the activities of the asset management companies, such asset management company shall be liable to15*[a penalty 16*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees].

Section 15F - Penalty for default in case of stock brokers

If any person, who is registered as a stock broker under this Act,-

(a) Fails to issue contract notes in the form and manner specified by the stock exchange of which such broker is a member, he shall be liable to 19*[a penalty which shall not be less than one lakh rupees but which may extend to] for which the contract note was required to be issued by that broker;

(b) Fails to deliver any security or fails to make payment of the amount due to the investor in the manner within the period specified in the regulations, he shall be liable to17*[a penalty 20*[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees]].

(c) Charges an amount of brokerage which is in excess of the brokerage specified in the regulations, he shall be liable to 18*[a penalty 21*[which shall not be less than one lakh rupees but which may extend to five times the amount of brokerage] charged in excess of the specified brokerage, whichever is higher.

15G - Penalty for insider trading

If any insider who,-

(i) Either on his own behalf or on behalf of any other person, deals in securities of a body corporate listed on any stock exchange on the basis of any unpublished price sensitive information; or

(ii) Communicates any unpublished price sensitive information to any person, with or without his request for such information except as required in the ordinary course of business or under any law; or

(iii) Counsels, or procures for any other person to deal in any securities of any body corporate on the basis of unpublished price sensitive information,shall be liable to a penalty 23*[which shall not be less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher].

15H - Penalty for non-disclosure of acquisition of shares and takeovers

If any person, who is required under this Act or any rules or
regulations made there under, fails to-

(i) Disclose the aggregate of his share holding in the body
corporate before he acquires any shares of that body corporate; or

(ii) Make a public announcement to acquire shares at a minimum price,

24*[(iii) Make a public offer by sending letter of offer to the shareholders of the concerned company; or

(iv) Make payment of consideration to the shareholders who sold their shares pursuant to letter of offer,]

he shall be liable to a penalty 26*[which shall not be less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such failure, whichever is higher].

15HA - 27*Penalty for fraudulent and unfair trade practices

If any person indulges in fraudulent and unfair trade practices relating to securities, he shall be liable to a penalty 18*[which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher]

15HB -29* Penalty for contravention where no separate penalty has been provided

Whoever fails to comply with any provision of this Act, the rules or the regulations made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be 30*[liable to a penalty which shall not be less than one lakh rupees but which may extend to one crore rupees].

15 I Power to adjudicate

(1) For the purpose of adjudging under sections 15A, 15B, 15C, 15D, 15E, 15F, 15G 31*[15H, 15HA and 15HB], the Board shall appoint any officer not below the rank of a Division Chief to be an adjudicating officer for holding an inquiry in the prescribed manner after giving any person concerned a reasonable opportunity of being heard for the purpose of imposing any penalty.

(2) While holding an inquiry the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry and if, on such inquiry, he is satisfied that the person has failed to comply with the provisions of any of the sections specified in sub-section (1), he may impose such penalty as he thinks fit in accordance with the provisions of any of those sections.

32*[(3) The Board may call for and examine the record of any proceedings under this section and if it considers that the order passed by the adjudicating officer is erroneous to the extent it is not in the interests of the securities market, it may, after making or causing to be made such inquiry as it deems necessary, pass an order enhancing the quantum of penalty, if the circumstances of the case so justify:

Provided
that no such order shall be passed unless the person concerned has been given an opportunity of being heard in the matter:

Provided further that nothing contained in this sub-section shall be applicable after an expiry of a period of three months from the date of the order passed by the adjudicating officer or disposal of the appeal under section 15T, whichever is earlier.]
 
15J - Factors to be taken into account by the adjudicating officer

While adjudging the quantum of penalty under section 15-I, the adjudicating officer shall have due regard to the following factors, namely:-

(a) The amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default;

(b) The amount of loss caused to an investor or group of investors as a result of the default;

(c) The repetitive nature of the default.]

15JA - 33* Crediting sums realised by way of penalties to Consolidated Fund of India

All sums realised by way of penalties under this Act shall be credited to the Consolidated Fund of India.]

15JB - 34*Settlement of administrative and civil proceedings

[(1) Notwithstanding anything contained in any other law for the time being in force, any person, against whom any proceedings have been initiated or may be initiated under section 11, section 11B, section 11D, sub-section (3) of section 12 or section 15-I, may file an application in writing to the Board proposing for settlement of the proceedings initiated or to be initiated for the alleged defaults.

(2) The Board may, after taking into consideration the nature, gravity and impact of defaults, agree to the proposal for settlement, on payment of such sum by the defaulter or on such other terms as may be determined by the Board in accordance with the regulations made under this Act.

(3) The settlement proceedings under this section shall be conducted in accordance with the procedure specified in the regulations made under this Act.

(4) No appeal shall lie under section 15T against any order passed by the Board or adjudicating officer, as the case may be, under this section.]

15K - Establishment of Securities Appellate Tribunals

(1) The Central Government shall by notification, establish one or more Appellate Tribunals to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on such Tribunal by or under this Act 35*[or any other law for the time being in force].

(2) The Central Government shall also specify in the notification referred to in sub-section (1) the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.

15L - 36*Composition of Securities Appellate Tribunal

A Securities Appellate Tribunal shall consist of a Presiding Officer and two other members, to be appointed, by notification, by the Central Government:

Provided
that the Securities Appellate Tribunal, consisting of one person only, established before the commencement of the Securities and Exchange Board of India (Amendment) Act, 2002, shall continue to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force till two other Members are appointed under this section.]

15M - 37*Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal

38*[(1) A person shall not be qualified for appointment as the Presiding Officer of the Securities Appellate Tribunal unless he-

(a) Is a sitting or retired Judge of the Supreme Court or a sitting or retired Chief Justice of a High Court; or

(b) Is a sitting or retired Judge of a High Court who has completed not less than seven years of service as a Judge in a High Court.

(1A) The Presiding Officer of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.]

(2) A person shall not be qualified for appointment as Member of a Securities Appellate Tribunal unless he is a person of ability, integrity and standing who has shown capacity in dealing with problems relating to securities market and has qualification and experience of corporate law, securities laws, finance, economics or accountancy:

Provided that a member of the Board or any person holding a post at senior management level equivalent to Executive Director in the Board shall not be appointed as Presiding Officer or Member of a Securities Appellate Tribunal during his service or tenure as such with the Board or within two years from the date on which he ceases to hold office as such in the Board.]
 
15N - 39*Tenure of office of Presiding Officer and other Members of Securities Appellate Tribunal

The Presiding Officer and every other Member of a Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for re-appointment:

Provided that no person shall hold office as the Presiding Officer of the Securities Appellate Tribunal after he has attained the age of sixty-eight years:

Provided further that no person shall hold office as a Member of the Securities Appellate Tribunal after he has attained the age of sixty-two years.]

15-O - Salary and allowances and other terms and conditions of service of Presiding Officer

The salary and allowances payable to, and the other terms and conditions of service (including pension, gratuity and other retirement benefits) of, the 40*[Presiding Officer and other Members of a Securities Appellate Tribunal] shall be such as may be prescribed:

Provided that, neither the salary and allowances nor the other terms and conditions of service of the 41*[Presiding Officer and other Members of a Securities Appellate Tribunal] shall be varied to their disadvantage after appointment.

15P - Filling up of vacancies

If, for reason other than temporary absence, any vacancy occurs in42* [the office of the Presiding Officer or any other Member,] of a Securities Appellate Tribunal, then the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Securities Appellate Tribunal from the stage at which the vacancy is filled.

15Q - Resignation and removal

(1) The 43*[Presiding Officer or any other Member of a Securities Appellate Tribunal] may, by notice in writing under his hand addressed to the Central Government, resign his office:

Provided that 44*[the Presiding Officer or any other Member] shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is the earliest.

(2) The 45*[Presiding Officer or any other Member] of a Securities Appellate Tribunal shall not be removed from his office except by an order by the Central Government on the ground of proved misbehaviour or incapacity after an inquiry made by a Judge of the Supreme Court, in which the 45*[Presiding Officer or any other Member] concerned has been informed of the charges against him and given a reasonable opportunity of being heard in respect of these charges.

(3) The Central Government may, by rules, regulate the procedure for the investigation of misbehaviour or incapacity of 46*[the Presiding Officer or any other Member].

15R - Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings

No order of the Central Government appointing any person as the 47* [Presiding Officer or a Member] of a Securities Appellate Tribunal shall be called in question in any manner, and no act or proceeding before a Securities Appellate Tribunal shall be called in question in anymanner on the ground merely of any defect in the constitution of a Securities Appellate Tribunal.

15S - Staff of the Securities Appellate Tribunal

(1) The Central Government shall provide the Securities Appellate Tribunal with such officers and employees as that Government may think fit.

(2) The officers and employees of the Securities Appellate Tribunal shall discharge their functions under general superintendence of the Presiding Officer.

(3) The salaries and allowances and other conditions of service of the officers and employees of the Securities Appellate Tribunal shall be such as may be prescribed.

15T - Appeal to the Securities Appellate Tribunal

48*[(1)49* Save as provided in sub-section (2), any person aggrieved,-

(a) By an order of the Board made, on and after the commencement of the Securities Laws (Second Amendment) Act, 1999, under this Act, or the rules or regulations made thereunder, or

(b) By an order made by an adjudicating officer under this Act,
may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter.]

52[***]

(3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which 50*[a copy of the order made by the Board or the adjudicating officer, as the case may be,] is received by him and it shall be in such form and be accompanied by such fee as may be prescribed:

Provided that the Securities 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) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving the parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against.

(5) The Securities Appellate Tribunal shall send a copy of every order made by it to the 51*[Board, the parties] to the appeal and to the concerned adjudicating officer.

(6) The appeal filed before the Securities Appellate Tribunal under subsection (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal.

15U - Procedure and Powers of the Securities Appellate Tribunal

(1) The Securities Appellate Tribunal shall not be bound by the procedure laid down by the Code of Civil Procedure, 1908 (5 of 1980), but shall be guided by the principles of natural justice and, subject to the other provisions of this Act and of any rules, the Securities Appellate Tribunal shall have powers to regulate their own procedure including the places at which they shall have their sittings.

(2) The Securities Appellate Tribunal shall have, for the purposes of discharging their functions under this Act, the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:-

(a) Summoning and enforcing the attendance of any person and examining him on oath;

(b) Requiring the .discovery and production of documents;

(c) Receiving evidence on affidavits;

(d) Issuing commissions for the examination of witnesses or documents;

(e) Reviewing its decisions;

(f) Dismissing an application for default or deciding it ex parts;

(g) Setting aside any order of dismissal of any application for default or any order passed by it ex parte;

(h) Any other matter which may be prescribed.

(3) Every proceeding before the Securities Appellate Tribunal shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purposes of section 196, of the Indian Penal Code (45 of 1860) and the Securities Appellate Tribunal shall be deemed to be a civil court for all the purposes of section 195 and Chapter XXVI of the Code of Criminal Procedure, 1973 (2 of 1974).

15V -53* Right to legal representation

The appellant may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any of its officers to present his or its case before the Securities Appellate Tribunal.

Explanation.-For the purposes of this section,-

(a) "Chartered accountant" means a chartered accountant as definedclause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

(b) "Company secretary" means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

(c) "Cost accountant" means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act;

(d) "Legal practitioner" means an advocate, vakil or an attorney of any High Court, and includes a pleader in practice.]

15W - Limitation

The provisions of the Limitation Act, 1963 (36 of 1963), shall as far as may be, apply to an appeal made to a Securities Appellate Tribunal.

15X - 54*Presiding Officer, Members and Staff of Securities Appellate Tribunals to be public servants

The Presiding Officer, Members and other officers and employees of a Securities Appellate Tribunal shall be deemed to be public servants within the meaning of section 21 of the Indian Panel Code (45 of I860).]

15Y - Civil court not to have jurisdiction

No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which an adjudicating officer appointed under this Act or a Securities Appellate Tribunal constituted under this Act is empowered by or under this Act to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act.

15Z -55* Appeal to Supreme Court

Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within sixty days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any question of law arising out of such order:

Provided that the Supreme Court may, if it is satisfied that the applicant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding sixty days.]

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1. Substituted by Act 59 of 2002, section 9, for "a penalty not exceeding one lakh and fifty thousand rupees for each such failure" (w.r.e.f. 29-10-2002).

2. Substituted by Act 59 of 2002, section 9, for "a penalty not exceeding five thousand rupees for every day during which such failure continues" (w.r.e.f. 29-10-2002).

3. Substituted by Act 59 of 2002, section 9, for "a penalty not exceeding ten thousand rupees for every day during which the failure continues" (w.r.e.f. 29-10-2002).

4. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less"

5. Substituted by Act 59 of 2002, section 10, for "a penalty not exceeding five lakh rupees for every such failure" (w.r.e.f. 29-10-2002).

6. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less"

7. Substituted by Act 59 of 2002, section 11, for section " 15C. Penalty for failure to redress investors' grievances.-

It any person, who is registered as an intermediary, after having been called upon by the Board in writing to redress the grievances of investors, fails to redress such grievances, he shall be liable to a penalty not exceeding ten thousand rupees for each such failure." (w.r.e.f. 29-10-2002).

8. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less"

9. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding ten thousand rupees for each day during which he carries on any such collective investment scheme, including mutual funds, or ten lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002).

10. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding ten thousand rupees for each day during which such failure continues or ten lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002).

11. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding five thousand rupees for each day during which such failure continues or five lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002).

12. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding one thousand rupees for each day during which such failure continues" (w.r.e.f. 29-10-2002).

13. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding five lakh rupees for each such failure" (w.r.e.f. 29-10-2002).

14. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"one lakh rupees for each day during which he sponsors or carries on any collective investment scheme including mutual funds or one crore rupees, whichever is less"

15.Substituted by Act 59 of 2002, section 13, for "a penalty not exceeding five lakh rupees for each such failure" (w.r.e.f. 29-10-2002).

16. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less"

17.Substituted by Act 59 of 2002, section 14, for "a penalty not exceeding five thousand rupees for each day during which such failure continues"(w.r.e.f. 29-10-2002).

18. Substituted by Act 59 of 2002, section 14, for "a penalty not exceeding five thousand rupees"(w.r.e.f. 29-10-2002).

19. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"a penalty not exceeding five times the amount"

20. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less"

21. Substituted by the Securities Laws (Amendment) Act, 2014, for the following:-"of one lakh rupees or five times the amount of brokerage"

22.Substituted by Act 59 of 2002, section 15, for "not exceeding five lakh rupees" (w.r.e.f. 29-10-2002).

23. Substituted by the Securities Laws (Amendment) Act, 2014:-

"22*[of twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher]"

24.Inserted by Act 59 of 2002, section 16(w.r.e.f. 29-10-2002).

25.Substituted by Act 59 of 2002, section 16, for "not exceeding five lakh rupees"(w.r.e.f. 29-10-2002).

26. Substituted by the Securities Laws (Amendment) Act, 2014:-"25[of twenty-five crore rupees or three times the amount of profits made out of such failure, whichever is higher]"

27.Inserted by Act 59 of 2002, section 17(w.r.e.f. 29-10-2002).

28. Substituted by the Securities Laws (Amendment) Act, 2014:-"of twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher."

29.Inserted by Act 59 of 2002, section 17(w.r.e.f. 29-10-2002).

30. Substituted by the Securities Laws (Amendment) Act, 2014:-"liable to a penalty which may extend to one crore rupees"

31. Substituted by Act 59 of 2002, section 18, for "and 15H" (w.r.e.f. 29-10-2002).

32. Inserted by the Securities Laws (Amendment) Act, 2014.

33.Inserted by Act 59 of 2002, section 19(w.r.e.f. 29-10-2002).

34. Inserted by the Securities Laws (Amendment) Act, 2014.

35.Inserted by Act 32 of 1999, section 8(w.e.f. 16-12-1999).

36.Substituted by Act 59 of 2002, section 20, for section "15L. Composition of Securities Appellate Tribunal.-A Securities Appellate Tribunal shall consist of one person only (hereinafter referred to as the Presiding Officer of the Securities Appellate Tribunal) to be appointed by notification, by the Central Government."(w.r.e.f. 29-10-2002).

37. Substituted by Act 59 of 2002, section 20, for section "15M. Qualifications for appointment as Presiding Officer of the Securities Appellate Tribunal.-A person shall not be qualified for appointment as the Presiding Officer of a Securities Appellate Tribunal unless he-

(a) Is, or has been, or is qualified to be, a Judge of a High Court; or

(b) Has been a member of the Indian Legal Service and has held a post in Grade I of that Service for at least three years; or

(c) Has held office as the Presiding Officer of a Tribunal for at least three years." (w.r.e.f. 29-10-2002).

38. Substituted by the Securities and Exchange Board of India (Amendment) Act, 2013 (Act No. 22 of 2013) w.e.f. 21.01.2013.

39. Substituted by Act 59 of 2002, section 21, for section "15N. Terms of office.-

The Presiding Officer of a Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office or until the attains the age of sixty five years, whichever is earlier." (w.r.e.f. 29-10-2002).

40.Substituted by Act 59 of 2002, section 22, for "Presiding Officer of a Securities Appellate Tribunal" (w.r.e.f. 29-10-2002).

41.Substituted by Act 59 of 2002, section 22, for "said Presiding Officers"(w.r.e.f. 29-10-2002).

42. Substituted by Act 59 of 2002, section 24, for "Presiding Officer of a Securities Appellate Tribunal" (w.r.e.f. 29-10-2002).

43. Substituted by Act 59 of 2002, section 24, for "the said Presiding Officer" (w.r.e.f. 29-10-2002).

45. Substituted by Act 59 of 2002, section 24, for "Presiding Officer" (w.r.e.f. 29-10-2002).

46. Substituted by Act 59 of 2002, section 24, for "aforesaid Presiding Officer" (w.r.e.f. 29-10-2002).

47.Substituted by Act 59 of 2002, section 25, for "Presiding Officer"(w.r.e.f. 29-10-2002).

48. Substituted by Act 32 of 1999, section 9, for sub-section (1) (w.e.f. 16-12-1999).

49. Substituted by Act 32 of 1999, section 9, for sub-section (2) (w.e.f. 16-12-1999).

50. Substituted by Act 32 of 1999, section 9, for "a copy of the order made by the adjudicating officer" (w.e.f. 16-12-1999).

51. Substituted by Act 32 of 1999, section 9, for "parties" (w.e.f. 16-12-1999).

52. Omitted by the Securities Laws (Amendment) Act, 2014, the previous text was:-

"2(2) No appeal shall lie to the Securities Appellate Tribunal from an order made-

(a) By the Board on and after the commencement of the Securities Laws (Second Amendment) Act, 1999;

(b) By an adjudicating officer,with the consent of the parties.]"

53.Substituted by Act 32 of 1999, section 10, for section 15V(w.e.f. 16-12-1999).

54.Substituted by Act 59 of 2002, section 26, for section "15X. Presiding Officer and staff of Securities Appellate Tribunals to be public servants.-The Presiding Officer and other officers and employees of a Securities Appellate Tribunal shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code (45 of I860)." (w.r.e.f. 29-10-2002).

55.Substituted by Act 59 of 2002, section 27, for section "15Z. Appeal to High Court.-
Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any question of fact or law arising out of such order:

Provided that the High Court may, if it is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding sixty days."(w.r.e.f. 29-10-2002).

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Last updated on July, 2016

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