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701 | Where securities are listed on the application of any person in any recognised stock exchange, such person shall comply with the conditions of the listing agreement with that stock exchange. A recognised stock exchange may delist the securities, after recording the reasons there for, on any of the ground or grounds as may be prescribed under this Act, provided that the securities of a company shall not be delisted unlessthe company concerned has been given a reasonable opportunity of being heard.A listed company or an aggrieved investor may file an appeal before the Securities Appellate Tribunal (SAT) against the decision of the recognised stock exchange within fifteen days from the date of the decision of the recognised stock exchange, provided that SAT may, if it is satisfied that the company was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding one month. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the Central Government against such refusal, omission or failure, as the case may be. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the SAT against such refusal, omission or failure, as the case may be. |
702 | the company concerned has been given a reasonable opportunity of being heard.A listed company or an aggrieved investor may file an appeal before the Securities Appellate Tribunal (SAT) against the decision of the recognised stock exchange within fifteen days from the date of the decision of the recognised stock exchange, provided that SAT may, if it is satisfied that the company was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding one month. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the Central Government against such refusal, omission or failure, as the case may be. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the SAT against such refusal, omission or failure, as the case may be. |
703 | the company concerned has been given a reasonable opportunity of being heard.A listed company or an aggrieved investor may file an appeal before the Securities Appellate Tribunal (SAT) against the decision of the recognised stock exchange within fifteen days from the date of the decision of the recognised stock exchange, provided that SAT may, if it is satisfied that the company was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding one month. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the Central Government against such refusal, omission or failure, as the case may be. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the SAT against such refusal, omission or failure, as the case may be. |
704 | A listed company or an aggrieved investor may file an appeal before the Securities Appellate Tribunal (SAT) against the decision of the recognised stock exchange within fifteen days from the date of the decision of the recognised stock exchange, provided that SAT may, if it is satisfied that the company was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding one month. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the Central Government against such refusal, omission or failure, as the case may be. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the SAT against such refusal, omission or failure, as the case may be.The Securities Contracts Regulation Rules, 1957 issued under the Securities Contracts (Regulation) Act, 1956 provides the procedure to be followed for recognition of stock exchanges, submission of returns and annual reports by recognized stock exchanges, inquiry into the affairs of stock exchanges and their members and requirements for listing of securities. The rules consist of a code of standardized regulations that is uniformly applicable to all the recognized stock exchanges. |
705 | A listed company or an aggrieved investor may file an appeal before the Securities Appellate Tribunal (SAT) against the decision of the recognised stock exchange within fifteen days from the date of the decision of the recognised stock exchange, provided that SAT may, if it is satisfied that the company was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding one month. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the Central Government against such refusal, omission or failure, as the case may be. Where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or scheme may appeal to the SAT against such refusal, omission or failure, as the case may be.The Securities Contracts Regulation Rules, 1957 issued under the Securities Contracts (Regulation) Act, 1956 provides the procedure to be followed for recognition of stock exchanges, submission of returns and annual reports by recognized stock exchanges, inquiry into the affairs of stock exchanges and their members and requirements for listing of securities. The rules consist of a code of standardized regulations that is uniformly applicable to all the recognized stock exchanges. |
706 | The Securities Contracts Regulation Rules, 1957 issued under the Securities Contracts (Regulation) Act, 1956 provides the procedure to be followed for recognition of stock exchanges, submission of returns and annual reports by recognized stock exchanges, inquiry into the affairs of stock exchanges and their members and requirements for listing of securities. The rules consist of a code of standardized regulations that is uniformly applicable to all the recognized stock exchanges.SEBI has issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 to regulate recognition, ownership and governance in stock exchanges and clearing corporations. By notifying this regulation, the Securities Contracts (Regulations) (Manner of increasing and maintaining publicshareholding in recognised stock exchanges) Regulations, 2006 stands repealed. |
707 | SEBI has issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 to regulate recognition, ownership and governance in stock exchanges and clearing corporations. By notifying this regulation, the Securities Contracts (Regulations) (Manner of increasing and maintaining publicshareholding in recognised stock exchanges) Regulations, 2006 stands repealed.Clearing corporation means an entity that is established to undertake the activity of clearing and settlement of trades in securities or other instruments or products that are dealt with or traded on a recognized stock exchange and includes a clearing house. |
708 | shareholding in recognised stock exchanges) Regulations, 2006 stands repealed.Clearing corporation means an entity that is established to undertake the activity of clearing and settlement of trades in securities or other instruments or products that are dealt with or traded on a recognized stock exchange and includes a clearing house.According to this Regulation, all stock exchanges and clearing corporations should apply for recognition by the SEBI. It details the manner of making application, fees, documents required and consideration or grant of recognition by SEBI. It also provides for period of recognition, renewal and withdrawal of recognition. The stock exchanges and clearing corporations are required to maintain net worth requirement of Rs. One Hundred Crores at all times. The regulation also requires securities of recognised stock exchanges and clearing corporations to be held in dematerialized form.Securities and Exchange Board of India Act, 1992 |
709 | According to this Regulation, all stock exchanges and clearing corporations should apply for recognition by the SEBI. It details the manner of making application, fees, documents required and consideration or grant of recognition by SEBI. It also provides for period of recognition, renewal and withdrawal of recognition. The stock exchanges and clearing corporations are required to maintain net worth requirement of Rs. One Hundred Crores at all times. The regulation also requires securities of recognised stock exchanges and clearing corporations to be held in dematerialized form.Securities and Exchange Board of India Act, 1992Securities regulation began in India with the Capital Issues (Control) Act of 1947, which had its origin during the war in 1943, with the objective to support the war effort. The Act was retained with some modifications as a means of control over the raising of capital by companies and to serve goals and priorities of the government; however, as part of the liberalization process, the Act was repealed in 1992 paving the way for market determined allocation of resources. |
710 | Securities and Exchange Board of India Act, 1992Securities regulation began in India with the Capital Issues (Control) Act of 1947, which had its origin during the war in 1943, with the objective to support the war effort. The Act was retained with some modifications as a means of control over the raising of capital by companies and to serve goals and priorities of the government; however, as part of the liberalization process, the Act was repealed in 1992 paving the way for market determined allocation of resources. |
711 | Securities and Exchange Board of India Act, 1992Securities regulation began in India with the Capital Issues (Control) Act of 1947, which had its origin during the war in 1943, with the objective to support the war effort. The Act was retained with some modifications as a means of control over the raising of capital by companies and to serve goals and priorities of the government; however, as part of the liberalization process, the Act was repealed in 1992 paving the way for market determined allocation of resources.In 1988 the Securities Exchange Board of India was established by the Government of India through an executive resolution and was subsequently upgraded as a fully autonomous body (a statutory board) in the year 1992 with the passing of the securities Exchange Board of India Act, 1992 on 30th January, 1992. In the place of Government control, a statutory and autonomous regulatory board with defined responsibilities, to cover both development and regulation in the market, and independent powers were set up. |
712 | Securities regulation began in India with the Capital Issues (Control) Act of 1947, which had its origin during the war in 1943, with the objective to support the war effort. The Act was retained with some modifications as a means of control over the raising of capital by companies and to serve goals and priorities of the government; however, as part of the liberalization process, the Act was repealed in 1992 paving the way for market determined allocation of resources.In 1988 the Securities Exchange Board of India was established by the Government of India through an executive resolution and was subsequently upgraded as a fully autonomous body (a statutory board) in the year 1992 with the passing of the securities Exchange Board of India Act, 1992 on 30th January, 1992. In the place of Government control, a statutory and autonomous regulatory board with defined responsibilities, to cover both development and regulation in the market, and independent powers were set up. |
713 | Securities regulation began in India with the Capital Issues (Control) Act of 1947, which had its origin during the war in 1943, with the objective to support the war effort. The Act was retained with some modifications as a means of control over the raising of capital by companies and to serve goals and priorities of the government; however, as part of the liberalization process, the Act was repealed in 1992 paving the way for market determined allocation of resources.In 1988 the Securities Exchange Board of India was established by the Government of India through an executive resolution and was subsequently upgraded as a fully autonomous body (a statutory board) in the year 1992 with the passing of the securities Exchange Board of India Act, 1992 on 30th January, 1992. In the place of Government control, a statutory and autonomous regulatory board with defined responsibilities, to cover both development and regulation in the market, and independent powers were set up.The basic objectives of Securities Exchange Board of India are: |
714 | In 1988 the Securities Exchange Board of India was established by the Government of India through an executive resolution and was subsequently upgraded as a fully autonomous body (a statutory board) in the year 1992 with the passing of the securities Exchange Board of India Act, 1992 on 30th January, 1992. In the place of Government control, a statutory and autonomous regulatory board with defined responsibilities, to cover both development and regulation in the market, and independent powers were set up.The basic objectives of Securities Exchange Board of India are:To protect the interests of investors in securities;To promote the development of the securities market;To regulate the securities market;And for matters connected therewith and incidental thereto.Containing 7 chapters and 35 sections, the SEBI Act governs all the Stock Exchanges and the Securities Transactions in India.Establishment of the Securities Exchange Board of India |
715 | And for matters connected therewith and incidental thereto.Containing 7 chapters and 35 sections, the SEBI Act governs all the Stock Exchanges and the Securities Transactions in India.Establishment of the Securities Exchange Board of IndiaChapter two of the SEBI Act deals with the establishment of the Securities and Exchange Board of India. Section 3 speaks about the establishment and incorporation of Board.The Board shall be a body corporate by the name Securities Exchange Board of India which will have perpetual succession and a common seal, with power to acquire, hold and dispose of property, both movable and immovable, and to enter in to contract and can sue or be sued by the said name. The head office of the Board shall be at Bombay. The Board may establish other offices at any other places in India.The management of the Board is covered in section 4 of the Act. The Board shall consist of the following members, namely:a Chairman; |
716 | The Board shall be a body corporate by the name Securities Exchange Board of India which will have perpetual succession and a common seal, with power to acquire, hold and dispose of property, both movable and immovable, and to enter in to contract and can sue or be sued by the said name. The head office of the Board shall be at Bombay. The Board may establish other offices at any other places in India.The management of the Board is covered in section 4 of the Act. The Board shall consist of the following members, namely:a Chairman;two members from amongst the officials of the Ministry of the Central Government dealing with Finance and administration of the Companies Act, 1956;one member from amongst the officials of the Reserve Bank;five other members of whom at least three shall be the whole-time members, who shall be appointed by the Central Government. |
717 | a Chairman;two members from amongst the officials of the Ministry of the Central Government dealing with Finance and administration of the Companies Act, 1956;one member from amongst the officials of the Reserve Bank;five other members of whom at least three shall be the whole-time members, who shall be appointed by the Central Government.The general superintendence, direction and management of the affairs of the Board shall vest in a Board of members, which may exercise all powers and do all acts and things which may be exercised or done by the Board. The Chairman shall also have powers of general superintendence and direction of the affairs of the Board and may also exercise all powers and do all acts and things which may be exercised or done by that Board. The Chairman and members shall be appointed by the Central Government and members from amongst the officials of the Reserve Bank of India and five other members shall be nominated by the Central Government and the Reserve Bank respectively. The chairman and the other member shall be persons of ability, integrity and standing who have the capacity in dealing with problems relating to securities market or have special knowledge or experience of law, finance, economics, accountancy, administration or in any other |
718 | two members from amongst the officials of the Ministry of the Central Government dealing with Finance and administration of the Companies Act, 1956;one member from amongst the officials of the Reserve Bank;five other members of whom at least three shall be the whole-time members, who shall be appointed by the Central Government.The general superintendence, direction and management of the affairs of the Board shall vest in a Board of members, which may exercise all powers and do all acts and things which may be exercised or done by the Board. The Chairman shall also have powers of general superintendence and direction of the affairs of the Board and may also exercise all powers and do all acts and things which may be exercised or done by that Board. The Chairman and members shall be appointed by the Central Government and members from amongst the officials of the Reserve Bank of India and five other members shall be nominated by the Central Government and the Reserve Bank respectively. The chairman and the other member shall be persons of ability, integrity and standing who have the capacity in dealing with problems relating to securities market or have special knowledge or experience of law, finance, economics, accountancy, administration or in any other |
719 | one member from amongst the officials of the Reserve Bank;five other members of whom at least three shall be the whole-time members, who shall be appointed by the Central Government.The general superintendence, direction and management of the affairs of the Board shall vest in a Board of members, which may exercise all powers and do all acts and things which may be exercised or done by the Board. The Chairman shall also have powers of general superintendence and direction of the affairs of the Board and may also exercise all powers and do all acts and things which may be exercised or done by that Board. The Chairman and members shall be appointed by the Central Government and members from amongst the officials of the Reserve Bank of India and five other members shall be nominated by the Central Government and the Reserve Bank respectively. The chairman and the other member shall be persons of ability, integrity and standing who have the capacity in dealing with problems relating to securities market or have special knowledge or experience of law, finance, economics, accountancy, administration or in any otherdiscipline which, in the opinion of the Central Government, shall be useful to the Board. |
720 | five other members of whom at least three shall be the whole-time members, who shall be appointed by the Central Government.The general superintendence, direction and management of the affairs of the Board shall vest in a Board of members, which may exercise all powers and do all acts and things which may be exercised or done by the Board. The Chairman shall also have powers of general superintendence and direction of the affairs of the Board and may also exercise all powers and do all acts and things which may be exercised or done by that Board. The Chairman and members shall be appointed by the Central Government and members from amongst the officials of the Reserve Bank of India and five other members shall be nominated by the Central Government and the Reserve Bank respectively. The chairman and the other member shall be persons of ability, integrity and standing who have the capacity in dealing with problems relating to securities market or have special knowledge or experience of law, finance, economics, accountancy, administration or in any otherdiscipline which, in the opinion of the Central Government, shall be useful to the Board. |
721 | The general superintendence, direction and management of the affairs of the Board shall vest in a Board of members, which may exercise all powers and do all acts and things which may be exercised or done by the Board. The Chairman shall also have powers of general superintendence and direction of the affairs of the Board and may also exercise all powers and do all acts and things which may be exercised or done by that Board. The Chairman and members shall be appointed by the Central Government and members from amongst the officials of the Reserve Bank of India and five other members shall be nominated by the Central Government and the Reserve Bank respectively. The chairman and the other member shall be persons of ability, integrity and standing who have the capacity in dealing with problems relating to securities market or have special knowledge or experience of law, finance, economics, accountancy, administration or in any otherdiscipline which, in the opinion of the Central Government, shall be useful to the Board.The term of office and other conditions of service of the Chairman and members shall be as prescribed by the Board. The Central Government shall have the right to terminate the services of the Chairman or a member appointed under section 4 at any time before the expiry of the period prescribed, by giving him notice of not less than three months in writing or three months salary and allowances in lieu thereof, and the Chairman or a member, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the period prescribed by giving to the Central Government notice of not less than three months in writing. |
722 | discipline which, in the opinion of the Central Government, shall be useful to the Board.The term of office and other conditions of service of the Chairman and members shall be as prescribed by the Board. The Central Government shall have the right to terminate the services of the Chairman or a member appointed under section 4 at any time before the expiry of the period prescribed, by giving him notice of not less than three months in writing or three months salary and allowances in lieu thereof, and the Chairman or a member, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the period prescribed by giving to the Central Government notice of not less than three months in writing.The Central Government shall remove a member from the office if he-Is or at any time has been adjudicated as insolvent,Is of unsound mind and stands so declared by the competent person, |
723 | The Central Government shall remove a member from the office if he-Is or at any time has been adjudicated as insolvent,Is of unsound mind and stands so declared by the competent person,Has been convicted of an offence which in the opinion of the Central Government involves moral turpitude,In the opinion of the Central Government the member has abused his position as to tender his continuation detrimental to the public interest. It is also provided that no member shall be removed under this section unless he has been given an opportunity of being heard. |
724 | Is or at any time has been adjudicated as insolvent,Is of unsound mind and stands so declared by the competent person,Has been convicted of an offence which in the opinion of the Central Government involves moral turpitude,In the opinion of the Central Government the member has abused his position as to tender his continuation detrimental to the public interest. It is also provided that no member shall be removed under this section unless he has been given an opportunity of being heard.The Board shall meet at such places and shall observe such rules of procedure in regard to the transaction of business at its meetings, including quorum as may be provided by the regulations. If the Chairman is unable to attend any of the meeting of the Board, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting. All questions which come up to any meeting of the Board shall be decided by the majority votes of the members present and voting and in the event of equality of votes, the Chairman or in his absence, the person presiding shall have a second or casting vote. |
725 | Is of unsound mind and stands so declared by the competent person,Has been convicted of an offence which in the opinion of the Central Government involves moral turpitude,In the opinion of the Central Government the member has abused his position as to tender his continuation detrimental to the public interest. It is also provided that no member shall be removed under this section unless he has been given an opportunity of being heard.The Board shall meet at such places and shall observe such rules of procedure in regard to the transaction of business at its meetings, including quorum as may be provided by the regulations. If the Chairman is unable to attend any of the meeting of the Board, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting. All questions which come up to any meeting of the Board shall be decided by the majority votes of the members present and voting and in the event of equality of votes, the Chairman or in his absence, the person presiding shall have a second or casting vote. |
726 | Has been convicted of an offence which in the opinion of the Central Government involves moral turpitude,In the opinion of the Central Government the member has abused his position as to tender his continuation detrimental to the public interest. It is also provided that no member shall be removed under this section unless he has been given an opportunity of being heard.The Board shall meet at such places and shall observe such rules of procedure in regard to the transaction of business at its meetings, including quorum as may be provided by the regulations. If the Chairman is unable to attend any of the meeting of the Board, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting. All questions which come up to any meeting of the Board shall be decided by the majority votes of the members present and voting and in the event of equality of votes, the Chairman or in his absence, the person presiding shall have a second or casting vote. |
727 | In the opinion of the Central Government the member has abused his position as to tender his continuation detrimental to the public interest. It is also provided that no member shall be removed under this section unless he has been given an opportunity of being heard.The Board shall meet at such places and shall observe such rules of procedure in regard to the transaction of business at its meetings, including quorum as may be provided by the regulations. If the Chairman is unable to attend any of the meeting of the Board, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting. All questions which come up to any meeting of the Board shall be decided by the majority votes of the members present and voting and in the event of equality of votes, the Chairman or in his absence, the person presiding shall have a second or casting vote.Power and Functions of the Securities Exchange Board of India |
728 | Power and Functions of the Securities Exchange Board of IndiaChapter four of the SEBI Act, 1992 deals with the powers and function of the Securities Exchange Board of India. It shall be the duty of the Securities Exchange Board of India:to protect the interest of investors in securities andto promote the development of andto regulate the securities market by such measures as the Board thinks fit andfor matters connected therewith and incidental thereto.The Board is entrusted with two functions, namely:Regulatory functions andDevelopmental functionsDevelopmental functions - The Board is responsible for:regulating the business in stock exchanges and any other securities markets; |
729 | Regulatory functions andDevelopmental functionsDevelopmental functions - The Board is responsible for:regulating the business in stock exchanges and any other securities markets;registering and regulating the working of stock brokers, sub- brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers and such other intermediaries who may be associated with securities markets in any manner;registering and regulating the working of the depositories, participants, custodians of securities, foreign institutional investors, credit rating agencies and such other intermediaries as the Board may, by notification, specify in this behalf;registering and regulating the working of venture capital funds and collective investment schemes],including mutual funds;promoting and regulating self-regulatory organisations; |
730 | registering and regulating the working of stock brokers, sub- brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers and such other intermediaries who may be associated with securities markets in any manner;registering and regulating the working of the depositories, participants, custodians of securities, foreign institutional investors, credit rating agencies and such other intermediaries as the Board may, by notification, specify in this behalf;registering and regulating the working of venture capital funds and collective investment schemes],including mutual funds;promoting and regulating self-regulatory organisations;prohibiting fraudulent and unfair trade practices relating to securities markets;promoting investors’ education and training of intermediaries of securities markets;prohibiting insider trading in securities; |
731 | promoting and regulating self-regulatory organisations;prohibiting fraudulent and unfair trade practices relating to securities markets;promoting investors’ education and training of intermediaries of securities markets;prohibiting insider trading in securities;regulating substantial acquisition of shares and take-over of companies;calling for information from, undertaking inspection, conducting inquiries and audits of the stock exchanges, mutual funds, other persons associated with the securities market intermediaries and self- regulatory organisations in the securities market;calling for information and record from any bank or any other authority or board or corporation established or constituted by or under any Central, State or Provincial Act in respect of any transaction in securities which is under investigation or inquiry by the Board; |
732 | regulating substantial acquisition of shares and take-over of companies;calling for information from, undertaking inspection, conducting inquiries and audits of the stock exchanges, mutual funds, other persons associated with the securities market intermediaries and self- regulatory organisations in the securities market;calling for information and record from any bank or any other authority or board or corporation established or constituted by or under any Central, State or Provincial Act in respect of any transaction in securities which is under investigation or inquiry by the Board;performing such functions and exercising such powers under the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), as may be delegated to it by the Central Government;levying fees or other charges for carrying out the purposes of this section;conducting research for the above purposes; |
733 | calling for information and record from any bank or any other authority or board or corporation established or constituted by or under any Central, State or Provincial Act in respect of any transaction in securities which is under investigation or inquiry by the Board;performing such functions and exercising such powers under the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), as may be delegated to it by the Central Government;levying fees or other charges for carrying out the purposes of this section;conducting research for the above purposes;calling from or furnishing to any such agencies, as may be specified by the Board, such information as may be considered necessary by it for the efficient discharge of its functions andperforming such other functions as may be prescribed.Developmental Functions:Promoting investor’s educationTraining of intermediariesConducting research and publishing information useful to all market participants. |
734 | Developmental Functions:Promoting investor’s educationTraining of intermediariesConducting research and publishing information useful to all market participants.Promotion of fair practicesPromotion of self regulatory organizationsThe Board shall also have the power of a civil court. It will have the same powers as are vested in a civil court under the Civil Procedure Code, 1908. In addition to the above mentioned powers, the Board may, by an order, in writing, iin the interest of investors or securities market, take any of the following measures, either pending investigation or inquiry or inquiry or on completion of such investigation or inquiry, namely:suspend the trading of any security in a recognised stock exchange;restrain persons from accessing the securities market and prohibit any person associated with securities market to buy, sell or dealin securities;suspend any office-bearer of any stock exchange or self- regulatory organisation from holding such position; |
735 | restrain persons from accessing the securities market and prohibit any person associated with securities market to buy, sell or dealin securities;suspend any office-bearer of any stock exchange or self- regulatory organisation from holding such position;impound and retain the proceeds or securities in respect of any transaction which is under investigation; |
736 | in securities;suspend any office-bearer of any stock exchange or self- regulatory organisation from holding such position;impound and retain the proceeds or securities in respect of any transaction which is under investigation;attach, after passing of an order on an application made for approval by the Judicial Magistrate of the first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder. Provided that only the bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder shall be allowed to be attached; |
737 | in securities;suspend any office-bearer of any stock exchange or self- regulatory organisation from holding such position;impound and retain the proceeds or securities in respect of any transaction which is under investigation;attach, after passing of an order on an application made for approval by the Judicial Magistrate of the first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder. Provided that only the bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder shall be allowed to be attached;direct any intermediary or any person associated with the securities market in any manner not to dispose of or alienate an asset forming part of any transaction which is under investigation. The Board before passing any of the above orders shall give an opportunity of being heard to such intermediaries or persons concerned. |
738 | suspend any office-bearer of any stock exchange or self- regulatory organisation from holding such position;impound and retain the proceeds or securities in respect of any transaction which is under investigation;attach, after passing of an order on an application made for approval by the Judicial Magistrate of the first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder. Provided that only the bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder shall be allowed to be attached;direct any intermediary or any person associated with the securities market in any manner not to dispose of or alienate an asset forming part of any transaction which is under investigation. The Board before passing any of the above orders shall give an opportunity of being heard to such intermediaries or persons concerned.Section 11A gives the power to Board to regulate or prohibit the issue of prospectus, offer document or advertisement soliciting money for issue of securities. The Board may also specify the requirements for listing and transfer of securities and any other matter incidental thereto. Section 11C deals with investigation power of the Board. It shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary or every person associated with the securities market, to produce to Investigating Authority or any other person authorised by the Board, all the books, registers, other documents and record of or relating to the company or relating to the intermediary. |
739 | impound and retain the proceeds or securities in respect of any transaction which is under investigation;attach, after passing of an order on an application made for approval by the Judicial Magistrate of the first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder. Provided that only the bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder shall be allowed to be attached;direct any intermediary or any person associated with the securities market in any manner not to dispose of or alienate an asset forming part of any transaction which is under investigation. The Board before passing any of the above orders shall give an opportunity of being heard to such intermediaries or persons concerned.Section 11A gives the power to Board to regulate or prohibit the issue of prospectus, offer document or advertisement soliciting money for issue of securities. The Board may also specify the requirements for listing and transfer of securities and any other matter incidental thereto. Section 11C deals with investigation power of the Board. It shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary or every person associated with the securities market, to produce to Investigating Authority or any other person authorised by the Board, all the books, registers, other documents and record of or relating to the company or relating to the intermediary. |
740 | attach, after passing of an order on an application made for approval by the Judicial Magistrate of the first class having jurisdiction, for a period not exceeding one month, one or more bank account or accounts of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder. Provided that only the bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder shall be allowed to be attached;direct any intermediary or any person associated with the securities market in any manner not to dispose of or alienate an asset forming part of any transaction which is under investigation. The Board before passing any of the above orders shall give an opportunity of being heard to such intermediaries or persons concerned.Section 11A gives the power to Board to regulate or prohibit the issue of prospectus, offer document or advertisement soliciting money for issue of securities. The Board may also specify the requirements for listing and transfer of securities and any other matter incidental thereto. Section 11C deals with investigation power of the Board. It shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary or every person associated with the securities market, to produce to Investigating Authority or any other person authorised by the Board, all the books, registers, other documents and record of or relating to the company or relating to the intermediary.Registration Certificate |
741 | direct any intermediary or any person associated with the securities market in any manner not to dispose of or alienate an asset forming part of any transaction which is under investigation. The Board before passing any of the above orders shall give an opportunity of being heard to such intermediaries or persons concerned.Section 11A gives the power to Board to regulate or prohibit the issue of prospectus, offer document or advertisement soliciting money for issue of securities. The Board may also specify the requirements for listing and transfer of securities and any other matter incidental thereto. Section 11C deals with investigation power of the Board. It shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary or every person associated with the securities market, to produce to Investigating Authority or any other person authorised by the Board, all the books, registers, other documents and record of or relating to the company or relating to the intermediary.Registration CertificateA person willing to operate as stock broker, sub broker, share agent, banker to an issue, trustee of trust deed, register to an issue, merchant banker, underwriter, portfolio manager, investment advisor and such other intermediary can do so only if he gets himself registered under the SEBI Act, 1992. Section 12 of Chapter five deals with registration of |
742 | Section 11A gives the power to Board to regulate or prohibit the issue of prospectus, offer document or advertisement soliciting money for issue of securities. The Board may also specify the requirements for listing and transfer of securities and any other matter incidental thereto. Section 11C deals with investigation power of the Board. It shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary or every person associated with the securities market, to produce to Investigating Authority or any other person authorised by the Board, all the books, registers, other documents and record of or relating to the company or relating to the intermediary.Registration CertificateA person willing to operate as stock broker, sub broker, share agent, banker to an issue, trustee of trust deed, register to an issue, merchant banker, underwriter, portfolio manager, investment advisor and such other intermediary can do so only if he gets himself registered under the SEBI Act, 1992. Section 12 of Chapter five deals with registration of |
743 | Registration CertificateA person willing to operate as stock broker, sub broker, share agent, banker to an issue, trustee of trust deed, register to an issue, merchant banker, underwriter, portfolio manager, investment advisor and such other intermediary can do so only if he gets himself registered under the SEBI Act, 1992. Section 12 of Chapter five deals with registration ofstock brokers, sub-brokers, share transfer agents, etc. No depository, participant, custodian of securities, foreign institutional investor, credit rating agency or any other intermediary associated with the securities market as the Board may by notification in this behalf specify, shall buy or sell or deal in securities except under and in accordance with the conditions of a certificate of registration obtained from the Board in accordance with the regulations made under this Act.Prohibition of Manipulative and Deceptive Devices, Insider Trading and Substantial Acquisition Of Securities Or Control |
744 | stock brokers, sub-brokers, share transfer agents, etc. No depository, participant, custodian of securities, foreign institutional investor, credit rating agency or any other intermediary associated with the securities market as the Board may by notification in this behalf specify, shall buy or sell or deal in securities except under and in accordance with the conditions of a certificate of registration obtained from the Board in accordance with the regulations made under this Act.Prohibition of Manipulative and Deceptive Devices, Insider Trading and Substantial Acquisition Of Securities Or ControlProhibition of Manipulative and Deceptive Devices, Insider Trading and Substantial Acquisition of Securities or Control is covered under Chapter VA of the SEBI Act.No person shall directly or indirectly- |
745 | Prohibition of Manipulative and Deceptive Devices, Insider Trading and Substantial Acquisition of Securities or Control is covered under Chapter VA of the SEBI Act.No person shall directly or indirectly-use or employ, in connection with the issue, purchase or sale of any securities listed or proposed to be listed on a recognised stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of this Act or the rules or the regulations made thereunder; |
746 | Prohibition of Manipulative and Deceptive Devices, Insider Trading and Substantial Acquisition of Securities or Control is covered under Chapter VA of the SEBI Act.No person shall directly or indirectly-use or employ, in connection with the issue, purchase or sale of any securities listed or proposed to be listed on a recognised stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of this Act or the rules or the regulations made thereunder;employ any device, scheme or artifice to defraud in connection with issue or dealing in securities which are listed or proposed to be listed on a recognised stock exchange; engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person, in connection with the issue, dealing in securities which are listed or proposed to be listed on a recognised stock exchange, in contravention of the provisions of this Act or the rules or the regulations made thereunder; |
747 | No person shall directly or indirectly-use or employ, in connection with the issue, purchase or sale of any securities listed or proposed to be listed on a recognised stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of this Act or the rules or the regulations made thereunder;employ any device, scheme or artifice to defraud in connection with issue or dealing in securities which are listed or proposed to be listed on a recognised stock exchange; engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person, in connection with the issue, dealing in securities which are listed or proposed to be listed on a recognised stock exchange, in contravention of the provisions of this Act or the rules or the regulations made thereunder;engage in insider trading; |
748 | No person shall directly or indirectly-use or employ, in connection with the issue, purchase or sale of any securities listed or proposed to be listed on a recognised stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of this Act or the rules or the regulations made thereunder;employ any device, scheme or artifice to defraud in connection with issue or dealing in securities which are listed or proposed to be listed on a recognised stock exchange; engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person, in connection with the issue, dealing in securities which are listed or proposed to be listed on a recognised stock exchange, in contravention of the provisions of this Act or the rules or the regulations made thereunder;engage in insider trading;deal in securities while in possession of material or non-public information or communicate such material or non-public information to any other person, in a manner which is in contravention of the provisions of this Act or the rules or the regulations made thereunder; |
749 | use or employ, in connection with the issue, purchase or sale of any securities listed or proposed to be listed on a recognised stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of this Act or the rules or the regulations made thereunder;employ any device, scheme or artifice to defraud in connection with issue or dealing in securities which are listed or proposed to be listed on a recognised stock exchange; engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person, in connection with the issue, dealing in securities which are listed or proposed to be listed on a recognised stock exchange, in contravention of the provisions of this Act or the rules or the regulations made thereunder;engage in insider trading;deal in securities while in possession of material or non-public information or communicate such material or non-public information to any other person, in a manner which is in contravention of the provisions of this Act or the rules or the regulations made thereunder;acquire control of any company or securities more than the percentage of equity share capital of a company whose securities are listed or proposed to be listed on a recognised stock exchange in contravention of the regulations made under this Act. |
750 | employ any device, scheme or artifice to defraud in connection with issue or dealing in securities which are listed or proposed to be listed on a recognised stock exchange; engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person, in connection with the issue, dealing in securities which are listed or proposed to be listed on a recognised stock exchange, in contravention of the provisions of this Act or the rules or the regulations made thereunder;engage in insider trading;deal in securities while in possession of material or non-public information or communicate such material or non-public information to any other person, in a manner which is in contravention of the provisions of this Act or the rules or the regulations made thereunder;acquire control of any company or securities more than the percentage of equity share capital of a company whose securities are listed or proposed to be listed on a recognised stock exchange in contravention of the regulations made under this Act. |
751 | engage in insider trading;deal in securities while in possession of material or non-public information or communicate such material or non-public information to any other person, in a manner which is in contravention of the provisions of this Act or the rules or the regulations made thereunder;acquire control of any company or securities more than the percentage of equity share capital of a company whose securities are listed or proposed to be listed on a recognised stock exchange in contravention of the regulations made under this Act.Establishment, Jurisdiction, Authority and Procedure of Appellate Tribunal |
752 | deal in securities while in possession of material or non-public information or communicate such material or non-public information to any other person, in a manner which is in contravention of the provisions of this Act or the rules or the regulations made thereunder;acquire control of any company or securities more than the percentage of equity share capital of a company whose securities are listed or proposed to be listed on a recognised stock exchange in contravention of the regulations made under this Act.Establishment, Jurisdiction, Authority and Procedure of Appellate TribunalEstablishment, jurisdiction, authority and procedure of appellate tribunal has been covered under chapter VIB. The Securities Appellate Tribunal has been established under section 15K of the Act. 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 or any other law for the time being in force. The Central Government shall also specify in the notification the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction. |
753 | acquire control of any company or securities more than the percentage of equity share capital of a company whose securities are listed or proposed to be listed on a recognised stock exchange in contravention of the regulations made under this Act.Establishment, Jurisdiction, Authority and Procedure of Appellate TribunalEstablishment, jurisdiction, authority and procedure of appellate tribunal has been covered under chapter VIB. The Securities Appellate Tribunal has been established under section 15K of the Act. 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 or any other law for the time being in force. The Central Government shall also specify in the notification the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction. |
754 | Establishment, Jurisdiction, Authority and Procedure of Appellate TribunalEstablishment, jurisdiction, authority and procedure of appellate tribunal has been covered under chapter VIB. The Securities Appellate Tribunal has been established under section 15K of the Act. 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 or any other law for the time being in force. The Central Government shall also specify in the notification the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.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. |
755 | Establishment, Jurisdiction, Authority and Procedure of Appellate TribunalEstablishment, jurisdiction, authority and procedure of appellate tribunal has been covered under chapter VIB. The Securities Appellate Tribunal has been established under section 15K of the Act. 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 or any other law for the time being in force. The Central Government shall also specify in the notification the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.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. |
756 | Establishment, jurisdiction, authority and procedure of appellate tribunal has been covered under chapter VIB. The Securities Appellate Tribunal has been established under section 15K of the Act. 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 or any other law for the time being in force. The Central Government shall also specify in the notification the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.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.Recovery of Debts Due to Banks and Financial Institutions Act, 1993 |
757 | 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.Recovery of Debts Due to Banks and Financial Institutions Act, 1993 |
758 | 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.Recovery of Debts Due to Banks and Financial Institutions Act, 1993The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act) was passed by the Parliament of India to provide for the speedy adjudication of matters relating to recovery of debts due to banks and financial institutions. This Act provided a procedure that was distinct from the existing Code of Civil Procedure in order to ensure such a speedy adjudication. This Act also provided for setting up of a separate set of tribunals to hear such matters and these tribunals are termed as Debt Recovery Tribunals (DRTs). The Government has set up such DRTs in many states in the country. Presently there are thirty three Debt Recovery Tribunals and five Debt Recovery Appellate Tribunals across the country. |
759 | Recovery of Debts Due to Banks and Financial Institutions Act, 1993The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act) was passed by the Parliament of India to provide for the speedy adjudication of matters relating to recovery of debts due to banks and financial institutions. This Act provided a procedure that was distinct from the existing Code of Civil Procedure in order to ensure such a speedy adjudication. This Act also provided for setting up of a separate set of tribunals to hear such matters and these tribunals are termed as Debt Recovery Tribunals (DRTs). The Government has set up such DRTs in many states in the country. Presently there are thirty three Debt Recovery Tribunals and five Debt Recovery Appellate Tribunals across the country. |
760 | Recovery of Debts Due to Banks and Financial Institutions Act, 1993The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act) was passed by the Parliament of India to provide for the speedy adjudication of matters relating to recovery of debts due to banks and financial institutions. This Act provided a procedure that was distinct from the existing Code of Civil Procedure in order to ensure such a speedy adjudication. This Act also provided for setting up of a separate set of tribunals to hear such matters and these tribunals are termed as Debt Recovery Tribunals (DRTs). The Government has set up such DRTs in many states in the country. Presently there are thirty three Debt Recovery Tribunals and five Debt Recovery Appellate Tribunals across the country.The provisions of RDDBI Act, 1993 will not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees. |
761 | The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act) was passed by the Parliament of India to provide for the speedy adjudication of matters relating to recovery of debts due to banks and financial institutions. This Act provided a procedure that was distinct from the existing Code of Civil Procedure in order to ensure such a speedy adjudication. This Act also provided for setting up of a separate set of tribunals to hear such matters and these tribunals are termed as Debt Recovery Tribunals (DRTs). The Government has set up such DRTs in many states in the country. Presently there are thirty three Debt Recovery Tribunals and five Debt Recovery Appellate Tribunals across the country.The provisions of RDDBI Act, 1993 will not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees. |
762 | The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act) was passed by the Parliament of India to provide for the speedy adjudication of matters relating to recovery of debts due to banks and financial institutions. This Act provided a procedure that was distinct from the existing Code of Civil Procedure in order to ensure such a speedy adjudication. This Act also provided for setting up of a separate set of tribunals to hear such matters and these tribunals are termed as Debt Recovery Tribunals (DRTs). The Government has set up such DRTs in many states in the country. Presently there are thirty three Debt Recovery Tribunals and five Debt Recovery Appellate Tribunals across the country.The provisions of RDDBI Act, 1993 will not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees.The RDDBI Act, 1993 provides Banks and Financial Institutions to approach the Debt Recovery Tribunal by filing an application for recovering its due. Only when the amount of due qualifies under the Act, |
763 | The provisions of RDDBI Act, 1993 will not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees.The RDDBI Act, 1993 provides Banks and Financial Institutions to approach the Debt Recovery Tribunal by filing an application for recovering its due. Only when the amount of due qualifies under the Act,the Banks and Financial Institutions could approach the Debt Recovery Tribunals under RDDBI Act, 1993. When the Bank approaches the Tribunal for recovery, then, the Tribunal will look into the claim made by the Bank in accordance with the procedure prescribed under RDDBI Act, 1993 and finally pass an award. The award can be executed by the Bank. |
764 | The RDDBI Act, 1993 provides Banks and Financial Institutions to approach the Debt Recovery Tribunal by filing an application for recovering its due. Only when the amount of due qualifies under the Act,the Banks and Financial Institutions could approach the Debt Recovery Tribunals under RDDBI Act, 1993. When the Bank approaches the Tribunal for recovery, then, the Tribunal will look into the claim made by the Bank in accordance with the procedure prescribed under RDDBI Act, 1993 and finally pass an award. The award can be executed by the Bank.The procedures adopted in DRTs are very simple and uncomplicated. Unlike higher costs in civil courts, the DRT proceedings are cheaper. Within 30 days of filing DRT application, summons are sent to the defendants, who have to immediately submit their reply statements. Evidences are admitted in the form of sworn affidavit. Defendants are given the opportunity to cross examine bank’s witness. As per the Act, the Tribunal has to decide the case within six months from the filing of case. |
765 | the Banks and Financial Institutions could approach the Debt Recovery Tribunals under RDDBI Act, 1993. When the Bank approaches the Tribunal for recovery, then, the Tribunal will look into the claim made by the Bank in accordance with the procedure prescribed under RDDBI Act, 1993 and finally pass an award. The award can be executed by the Bank.The procedures adopted in DRTs are very simple and uncomplicated. Unlike higher costs in civil courts, the DRT proceedings are cheaper. Within 30 days of filing DRT application, summons are sent to the defendants, who have to immediately submit their reply statements. Evidences are admitted in the form of sworn affidavit. Defendants are given the opportunity to cross examine bank’s witness. As per the Act, the Tribunal has to decide the case within six months from the filing of case. |
766 | the Banks and Financial Institutions could approach the Debt Recovery Tribunals under RDDBI Act, 1993. When the Bank approaches the Tribunal for recovery, then, the Tribunal will look into the claim made by the Bank in accordance with the procedure prescribed under RDDBI Act, 1993 and finally pass an award. The award can be executed by the Bank.The procedures adopted in DRTs are very simple and uncomplicated. Unlike higher costs in civil courts, the DRT proceedings are cheaper. Within 30 days of filing DRT application, summons are sent to the defendants, who have to immediately submit their reply statements. Evidences are admitted in the form of sworn affidavit. Defendants are given the opportunity to cross examine bank’s witness. As per the Act, the Tribunal has to decide the case within six months from the filing of case.Any person aggrieved by any measure taken by secured creditor or his authorized officer may file an appeal to Debts Recovery Tribunal, within 45 days from date on which such measure was taken i.e. action of taking possession of asset, takeover of management of business of borrower, appointing person to manage secured asset etc. is taken by the creditor. |
767 | The procedures adopted in DRTs are very simple and uncomplicated. Unlike higher costs in civil courts, the DRT proceedings are cheaper. Within 30 days of filing DRT application, summons are sent to the defendants, who have to immediately submit their reply statements. Evidences are admitted in the form of sworn affidavit. Defendants are given the opportunity to cross examine bank’s witness. As per the Act, the Tribunal has to decide the case within six months from the filing of case.Any person aggrieved by any measure taken by secured creditor or his authorized officer may file an appeal to Debts Recovery Tribunal, within 45 days from date on which such measure was taken i.e. action of taking possession of asset, takeover of management of business of borrower, appointing person to manage secured asset etc. is taken by the creditor. |
768 | The procedures adopted in DRTs are very simple and uncomplicated. Unlike higher costs in civil courts, the DRT proceedings are cheaper. Within 30 days of filing DRT application, summons are sent to the defendants, who have to immediately submit their reply statements. Evidences are admitted in the form of sworn affidavit. Defendants are given the opportunity to cross examine bank’s witness. As per the Act, the Tribunal has to decide the case within six months from the filing of case.Any person aggrieved by any measure taken by secured creditor or his authorized officer may file an appeal to Debts Recovery Tribunal, within 45 days from date on which such measure was taken i.e. action of taking possession of asset, takeover of management of business of borrower, appointing person to manage secured asset etc. is taken by the creditor.When a borrower files an appeal, the appeal cannot be entertained unless; the borrower deposits 75% of the amount claimed in the notice by secured creditor. The DRT can waive or reduce the amount required to be deposited. The amount is not required to be deposited at the time of filing appeal, but appeal will not be heard till the amount is deposited. The borrower while filing the appeal should also file an application requesting the Debt Recovery Tribunal to admit the appeal without deposit of any amount. It the DRT orders partial deposit of the amount and the same is not deposited, appeal can be dismissed. The 75% deposit is only required if the appeal is filed by the borrower. If some other aggrieved person (e.g. guarantor, shareholder) files it the deposit is not required. |
769 | Any person aggrieved by any measure taken by secured creditor or his authorized officer may file an appeal to Debts Recovery Tribunal, within 45 days from date on which such measure was taken i.e. action of taking possession of asset, takeover of management of business of borrower, appointing person to manage secured asset etc. is taken by the creditor.When a borrower files an appeal, the appeal cannot be entertained unless; the borrower deposits 75% of the amount claimed in the notice by secured creditor. The DRT can waive or reduce the amount required to be deposited. The amount is not required to be deposited at the time of filing appeal, but appeal will not be heard till the amount is deposited. The borrower while filing the appeal should also file an application requesting the Debt Recovery Tribunal to admit the appeal without deposit of any amount. It the DRT orders partial deposit of the amount and the same is not deposited, appeal can be dismissed. The 75% deposit is only required if the appeal is filed by the borrower. If some other aggrieved person (e.g. guarantor, shareholder) files it the deposit is not required. |
770 | Any person aggrieved by any measure taken by secured creditor or his authorized officer may file an appeal to Debts Recovery Tribunal, within 45 days from date on which such measure was taken i.e. action of taking possession of asset, takeover of management of business of borrower, appointing person to manage secured asset etc. is taken by the creditor.When a borrower files an appeal, the appeal cannot be entertained unless; the borrower deposits 75% of the amount claimed in the notice by secured creditor. The DRT can waive or reduce the amount required to be deposited. The amount is not required to be deposited at the time of filing appeal, but appeal will not be heard till the amount is deposited. The borrower while filing the appeal should also file an application requesting the Debt Recovery Tribunal to admit the appeal without deposit of any amount. It the DRT orders partial deposit of the amount and the same is not deposited, appeal can be dismissed. The 75% deposit is only required if the appeal is filed by the borrower. If some other aggrieved person (e.g. guarantor, shareholder) files it the deposit is not required.If a person is aggrieved by the order of the DRT, it can file an appeal to the Appellate Tribunal within 30 days from date of receipt of the DRT order. |
771 | When a borrower files an appeal, the appeal cannot be entertained unless; the borrower deposits 75% of the amount claimed in the notice by secured creditor. The DRT can waive or reduce the amount required to be deposited. The amount is not required to be deposited at the time of filing appeal, but appeal will not be heard till the amount is deposited. The borrower while filing the appeal should also file an application requesting the Debt Recovery Tribunal to admit the appeal without deposit of any amount. It the DRT orders partial deposit of the amount and the same is not deposited, appeal can be dismissed. The 75% deposit is only required if the appeal is filed by the borrower. If some other aggrieved person (e.g. guarantor, shareholder) files it the deposit is not required.If a person is aggrieved by the order of the DRT, it can file an appeal to the Appellate Tribunal within 30 days from date of receipt of the DRT order. |
772 | When a borrower files an appeal, the appeal cannot be entertained unless; the borrower deposits 75% of the amount claimed in the notice by secured creditor. The DRT can waive or reduce the amount required to be deposited. The amount is not required to be deposited at the time of filing appeal, but appeal will not be heard till the amount is deposited. The borrower while filing the appeal should also file an application requesting the Debt Recovery Tribunal to admit the appeal without deposit of any amount. It the DRT orders partial deposit of the amount and the same is not deposited, appeal can be dismissed. The 75% deposit is only required if the appeal is filed by the borrower. If some other aggrieved person (e.g. guarantor, shareholder) files it the deposit is not required.If a person is aggrieved by the order of the DRT, it can file an appeal to the Appellate Tribunal within 30 days from date of receipt of the DRT order.If the DRT or Appellate Tribunal holds that possession of assets by the secured creditor was wrongful and directs the secured creditor to return asset to concerned borrower, the borrower shall be entitled to |
773 | If a person is aggrieved by the order of the DRT, it can file an appeal to the Appellate Tribunal within 30 days from date of receipt of the DRT order.If the DRT or Appellate Tribunal holds that possession of assets by the secured creditor was wrongful and directs the secured creditor to return asset to concerned borrower, the borrower shall be entitled tocompensation and costs as may be determined by DRT or Appellate tribunal.The Tribunal can also direct return of asset, if the secured creditor had already sold or transferred the asset to a third party. |
774 | compensation and costs as may be determined by DRT or Appellate tribunal.The Tribunal can also direct return of asset, if the secured creditor had already sold or transferred the asset to a third party.The tribunal can also make an interim order (injunction or stay or attachment) against the defendant to debar him from transferring, alienating or disposing of any property and assets belonging to him. In the case of disobedience of an order made by the Tribunal, or breach of any of the terms on which the order was made the Tribunal may order the properties of the person guilty of such disobedience or breach, to be attached and may also order such person to be detained in the civil prison. |
775 | The Tribunal can also direct return of asset, if the secured creditor had already sold or transferred the asset to a third party.The tribunal can also make an interim order (injunction or stay or attachment) against the defendant to debar him from transferring, alienating or disposing of any property and assets belonging to him. In the case of disobedience of an order made by the Tribunal, or breach of any of the terms on which the order was made the Tribunal may order the properties of the person guilty of such disobedience or breach, to be attached and may also order such person to be detained in the civil prison.The Tribunal has the power to appoint a receiver of any property, to remove any person from the possession or custody of the property and commit the same to the possession, custody or management of the receiver for the realization, management, protection, preservation and improvement of the property, the collection of the rents and profits thereof, the application and disposal of such rents and profits and the execution of documents as the owner himself has, or can appoint a Commissioner for preparation of an inventory of the properties of the defendant or for the sale thereof. |
776 | The tribunal can also make an interim order (injunction or stay or attachment) against the defendant to debar him from transferring, alienating or disposing of any property and assets belonging to him. In the case of disobedience of an order made by the Tribunal, or breach of any of the terms on which the order was made the Tribunal may order the properties of the person guilty of such disobedience or breach, to be attached and may also order such person to be detained in the civil prison.The Tribunal has the power to appoint a receiver of any property, to remove any person from the possession or custody of the property and commit the same to the possession, custody or management of the receiver for the realization, management, protection, preservation and improvement of the property, the collection of the rents and profits thereof, the application and disposal of such rents and profits and the execution of documents as the owner himself has, or can appoint a Commissioner for preparation of an inventory of the properties of the defendant or for the sale thereof. |
777 | The tribunal can also make an interim order (injunction or stay or attachment) against the defendant to debar him from transferring, alienating or disposing of any property and assets belonging to him. In the case of disobedience of an order made by the Tribunal, or breach of any of the terms on which the order was made the Tribunal may order the properties of the person guilty of such disobedience or breach, to be attached and may also order such person to be detained in the civil prison.The Tribunal has the power to appoint a receiver of any property, to remove any person from the possession or custody of the property and commit the same to the possession, custody or management of the receiver for the realization, management, protection, preservation and improvement of the property, the collection of the rents and profits thereof, the application and disposal of such rents and profits and the execution of documents as the owner himself has, or can appoint a Commissioner for preparation of an inventory of the properties of the defendant or for the sale thereof.Depositories Act, 1996 |
778 | The Tribunal has the power to appoint a receiver of any property, to remove any person from the possession or custody of the property and commit the same to the possession, custody or management of the receiver for the realization, management, protection, preservation and improvement of the property, the collection of the rents and profits thereof, the application and disposal of such rents and profits and the execution of documents as the owner himself has, or can appoint a Commissioner for preparation of an inventory of the properties of the defendant or for the sale thereof.Depositories Act, 1996 |
779 | The Tribunal has the power to appoint a receiver of any property, to remove any person from the possession or custody of the property and commit the same to the possession, custody or management of the receiver for the realization, management, protection, preservation and improvement of the property, the collection of the rents and profits thereof, the application and disposal of such rents and profits and the execution of documents as the owner himself has, or can appoint a Commissioner for preparation of an inventory of the properties of the defendant or for the sale thereof.Depositories Act, 1996The Depositories Act, 1996 provides a legal framework for establishment of depositories to facilitate holding of securities including shares in the demat form (electronic form) and to effect transfer of securities through book entry. The Act establishes the depository system in India by providing for setting up of one or more depositories to enable the investors to hold securities in non-physical form (known as dematerialized form) and to affect transfer of securities by way of book entries in accounts maintained by the depository. |
780 | Depositories Act, 1996The Depositories Act, 1996 provides a legal framework for establishment of depositories to facilitate holding of securities including shares in the demat form (electronic form) and to effect transfer of securities through book entry. The Act establishes the depository system in India by providing for setting up of one or more depositories to enable the investors to hold securities in non-physical form (known as dematerialized form) and to affect transfer of securities by way of book entries in accounts maintained by the depository.“Depository” means a company formed and registered under the Companies Act, 1956 (1 of 1956), and which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). (Sec.2(1)(e) of Depositories Act, 1996) |
781 | The Depositories Act, 1996 provides a legal framework for establishment of depositories to facilitate holding of securities including shares in the demat form (electronic form) and to effect transfer of securities through book entry. The Act establishes the depository system in India by providing for setting up of one or more depositories to enable the investors to hold securities in non-physical form (known as dematerialized form) and to affect transfer of securities by way of book entries in accounts maintained by the depository.“Depository” means a company formed and registered under the Companies Act, 1956 (1 of 1956), and which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). (Sec.2(1)(e) of Depositories Act, 1996)The depository system envisages a deposit of securities by various investors with the depository. Once the securities are lodged with the depository, their transfer would be through book entry transfers in accounts maintained by the depository. Thus the main function of a depository is to dematerialize the securities and enable their transaction in book entry form. |
782 | “Depository” means a company formed and registered under the Companies Act, 1956 (1 of 1956), and which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). (Sec.2(1)(e) of Depositories Act, 1996)The depository system envisages a deposit of securities by various investors with the depository. Once the securities are lodged with the depository, their transfer would be through book entry transfers in accounts maintained by the depository. Thus the main function of a depository is to dematerialize the securities and enable their transaction in book entry form.Every depository is required to be registered with the Securities and Exchange Board of India (SEBI) and will have to obtain a Certificate for commencement of business on fulfillment of the prescribed conditions.Rights and obligations of Depositories, Participants, Issuers and Beneficial Owners are given below: |
783 | Every depository is required to be registered with the Securities and Exchange Board of India (SEBI) and will have to obtain a Certificate for commencement of business on fulfillment of the prescribed conditions.Rights and obligations of Depositories, Participants, Issuers and Beneficial Owners are given below:Agreement between Depository and Participant:A depository shall enter into an agreement with one or more participants as its agent in the prescribed form (Sec. 4).Services of Depository:Any person, through a participant, may enter into an agreement, in the specified form with any depository for availing its services (Sec. 5).Surrender of Certificate of Security: |
784 | A depository shall enter into an agreement with one or more participants as its agent in the prescribed form (Sec. 4).Services of Depository:Any person, through a participant, may enter into an agreement, in the specified form with any depository for availing its services (Sec. 5).Surrender of Certificate of Security:Any person who has entered into an agreement with the depository will have to surrender the certificate of security, for which he seeks to avail the services of a depository, to the issuer. The issuer, on receipt of certificate of security shall cancel the certificate of security and substitute in its records the name of the depository as a registered owner in respect of that security and inform the depository accordingly. The depository, thereafter will enter the name of that person in its records, as the beneficial owner (Sec. 6).Registration of Transfer of Securities with Depository: |
785 | Any person, through a participant, may enter into an agreement, in the specified form with any depository for availing its services (Sec. 5).Surrender of Certificate of Security:Any person who has entered into an agreement with the depository will have to surrender the certificate of security, for which he seeks to avail the services of a depository, to the issuer. The issuer, on receipt of certificate of security shall cancel the certificate of security and substitute in its records the name of the depository as a registered owner in respect of that security and inform the depository accordingly. The depository, thereafter will enter the name of that person in its records, as the beneficial owner (Sec. 6).Registration of Transfer of Securities with Depository:Every depository shall, on receipt of intimation from a participant, register the transfer of security in the name of the transferee. Further, if a beneficial owner or a transferee of any security seeks to have custody of such security, the depository shall inform the issuer accordingly (Sec. 7). |
786 | Surrender of Certificate of Security:Any person who has entered into an agreement with the depository will have to surrender the certificate of security, for which he seeks to avail the services of a depository, to the issuer. The issuer, on receipt of certificate of security shall cancel the certificate of security and substitute in its records the name of the depository as a registered owner in respect of that security and inform the depository accordingly. The depository, thereafter will enter the name of that person in its records, as the beneficial owner (Sec. 6).Registration of Transfer of Securities with Depository:Every depository shall, on receipt of intimation from a participant, register the transfer of security in the name of the transferee. Further, if a beneficial owner or a transferee of any security seeks to have custody of such security, the depository shall inform the issuer accordingly (Sec. 7).Options to Receive Security Certificate or Hold Securities with Depository: |
787 | Any person who has entered into an agreement with the depository will have to surrender the certificate of security, for which he seeks to avail the services of a depository, to the issuer. The issuer, on receipt of certificate of security shall cancel the certificate of security and substitute in its records the name of the depository as a registered owner in respect of that security and inform the depository accordingly. The depository, thereafter will enter the name of that person in its records, as the beneficial owner (Sec. 6).Registration of Transfer of Securities with Depository:Every depository shall, on receipt of intimation from a participant, register the transfer of security in the name of the transferee. Further, if a beneficial owner or a transferee of any security seeks to have custody of such security, the depository shall inform the issuer accordingly (Sec. 7).Options to Receive Security Certificate or Hold Securities with Depository: |
788 | Registration of Transfer of Securities with Depository:Every depository shall, on receipt of intimation from a participant, register the transfer of security in the name of the transferee. Further, if a beneficial owner or a transferee of any security seeks to have custody of such security, the depository shall inform the issuer accordingly (Sec. 7).Options to Receive Security Certificate or Hold Securities with Depository:Every person subscribing to securities offered by an issuer shall have the option either to receive the security certificates or hold securities with a depository (Sec. 8).Securities in Depositories to be in Fungible Form:All securities held by a depository shall be dematerialised and shall be in a fungible form (Sec. 9).Rights of Depositories and Beneficial Owner: |
789 | Every person subscribing to securities offered by an issuer shall have the option either to receive the security certificates or hold securities with a depository (Sec. 8).Securities in Depositories to be in Fungible Form:All securities held by a depository shall be dematerialised and shall be in a fungible form (Sec. 9).Rights of Depositories and Beneficial Owner:A depository shall be deemed to be the registered owner for the purposes of effecting transfer of ownership of security on behalf of a beneficial owner. The depository as a registered owner shall not have any voting rights or any other rights in respect of securities held by it. The beneficial owner shall be entitled to all the rights and benefits and be subjected to all the liabilities in respect of his securities held by a depository (Sec. 10).Register of Beneficial Owner:Every depository shall maintain a register and an index of beneficial owners in the manner provided in the Companies Act. |
790 | Rights of Depositories and Beneficial Owner:A depository shall be deemed to be the registered owner for the purposes of effecting transfer of ownership of security on behalf of a beneficial owner. The depository as a registered owner shall not have any voting rights or any other rights in respect of securities held by it. The beneficial owner shall be entitled to all the rights and benefits and be subjected to all the liabilities in respect of his securities held by a depository (Sec. 10).Register of Beneficial Owner:Every depository shall maintain a register and an index of beneficial owners in the manner provided in the Companies Act.Pledge or Hypothecation of Securities Held in a Depository: |
791 | A depository shall be deemed to be the registered owner for the purposes of effecting transfer of ownership of security on behalf of a beneficial owner. The depository as a registered owner shall not have any voting rights or any other rights in respect of securities held by it. The beneficial owner shall be entitled to all the rights and benefits and be subjected to all the liabilities in respect of his securities held by a depository (Sec. 10).Register of Beneficial Owner:Every depository shall maintain a register and an index of beneficial owners in the manner provided in the Companies Act.Pledge or Hypothecation of Securities Held in a Depository:A beneficial owner may with the previous approval of the depository, create a pledge or hypothecation in respect of a security owned by him through a depository. Every beneficial owner shall give intimation of such pledge or hypothecation to the depository and such depository shall thereupon make entries in its records accordingly (Sec. 12). |
792 | Register of Beneficial Owner:Every depository shall maintain a register and an index of beneficial owners in the manner provided in the Companies Act.Pledge or Hypothecation of Securities Held in a Depository:A beneficial owner may with the previous approval of the depository, create a pledge or hypothecation in respect of a security owned by him through a depository. Every beneficial owner shall give intimation of such pledge or hypothecation to the depository and such depository shall thereupon make entries in its records accordingly (Sec. 12).Furnishing of Information and Records by Depository and Issuer:Every depository is required to furnish to the issuer information about the transfer of securities in the name of beneficial owners at such intervals and in such manner as may be specified by the bye-laws. Every issuer also has to make available to the depository copies of the relevant records in respect of securities held by such depository (Sec. 13). |
793 | Pledge or Hypothecation of Securities Held in a Depository:A beneficial owner may with the previous approval of the depository, create a pledge or hypothecation in respect of a security owned by him through a depository. Every beneficial owner shall give intimation of such pledge or hypothecation to the depository and such depository shall thereupon make entries in its records accordingly (Sec. 12).Furnishing of Information and Records by Depository and Issuer:Every depository is required to furnish to the issuer information about the transfer of securities in the name of beneficial owners at such intervals and in such manner as may be specified by the bye-laws. Every issuer also has to make available to the depository copies of the relevant records in respect of securities held by such depository (Sec. 13).Option to opt out in Respect of any Security: |
794 | A beneficial owner may with the previous approval of the depository, create a pledge or hypothecation in respect of a security owned by him through a depository. Every beneficial owner shall give intimation of such pledge or hypothecation to the depository and such depository shall thereupon make entries in its records accordingly (Sec. 12).Furnishing of Information and Records by Depository and Issuer:Every depository is required to furnish to the issuer information about the transfer of securities in the name of beneficial owners at such intervals and in such manner as may be specified by the bye-laws. Every issuer also has to make available to the depository copies of the relevant records in respect of securities held by such depository (Sec. 13).Option to opt out in Respect of any Security:If a beneficial owner seeks to opt out of a depository in respect of any security, he shall inform the depository accordingly who will make appropriate entries in its records and shall inform the issuer (Sec. 14). |
795 | Furnishing of Information and Records by Depository and Issuer:Every depository is required to furnish to the issuer information about the transfer of securities in the name of beneficial owners at such intervals and in such manner as may be specified by the bye-laws. Every issuer also has to make available to the depository copies of the relevant records in respect of securities held by such depository (Sec. 13).Option to opt out in Respect of any Security:If a beneficial owner seeks to opt out of a depository in respect of any security, he shall inform the depository accordingly who will make appropriate entries in its records and shall inform the issuer (Sec. 14).Depositories to Indemnify Loss in Certain Cases: |
796 | Option to opt out in Respect of any Security:If a beneficial owner seeks to opt out of a depository in respect of any security, he shall inform the depository accordingly who will make appropriate entries in its records and shall inform the issuer (Sec. 14).Depositories to Indemnify Loss in Certain Cases:The depository shall have to indemnify any loss caused to the beneficial owner due to its negligence or of the participant. Where the loss due to the negligence of the participant is indemnified by the depository, the depository shall have the right to recover the same from such participant.Penalties |
797 | Depositories to Indemnify Loss in Certain Cases:The depository shall have to indemnify any loss caused to the beneficial owner due to its negligence or of the participant. Where the loss due to the negligence of the participant is indemnified by the depository, the depository shall have the right to recover the same from such participant.PenaltiesIf any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992, fails to dematerialise or issue the certificate of securities on opting out of a depository by the investors, within the time specified under this Act or regulations or bye-laws made thereunder or abets in delaying the process of dematerialisation or issue the certificate of securities on opting out of a depository of securities, such issuer or its agent or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
798 | The depository shall have to indemnify any loss caused to the beneficial owner due to its negligence or of the participant. Where the loss due to the negligence of the participant is indemnified by the depository, the depository shall have the right to recover the same from such participant.PenaltiesIf any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992, fails to dematerialise or issue the certificate of securities on opting out of a depository by the investors, within the time specified under this Act or regulations or bye-laws made thereunder or abets in delaying the process of dematerialisation or issue the certificate of securities on opting out of a depository of securities, such issuer or its agent or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
799 | The depository shall have to indemnify any loss caused to the beneficial owner due to its negligence or of the participant. Where the loss due to the negligence of the participant is indemnified by the depository, the depository shall have the right to recover the same from such participant.PenaltiesIf any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992, fails to dematerialise or issue the certificate of securities on opting out of a depository by the investors, within the time specified under this Act or regulations or bye-laws made thereunder or abets in delaying the process of dematerialisation or issue the certificate of securities on opting out of a depository of securities, such issuer or its agent or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.If any depository or participant or any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992, after having been called upon by the Board in writing, to redress the grievances of the investors, fails to redress such grievances within the time specified by the Board, such depository or participant or issuer or its agents or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
800 | PenaltiesIf any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992, fails to dematerialise or issue the certificate of securities on opting out of a depository by the investors, within the time specified under this Act or regulations or bye-laws made thereunder or abets in delaying the process of dematerialisation or issue the certificate of securities on opting out of a depository of securities, such issuer or its agent or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.If any depository or participant or any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992, after having been called upon by the Board in writing, to redress the grievances of the investors, fails to redress such grievances within the time specified by the Board, such depository or participant or issuer or its agents or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less. |
Subsets and Splits