(1) In these rules, unless the context otherwise requires,—
(a) “Act” means the Depositories Act, 1996 (22 of 1996);
(b) “appeal” means an appeal preferred under section 23A of the Act;
(c) “Appellate Tribunal” means the Securities Appellate Tribunal established under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(d) “form” means the form appended to these rules;
1[(da) ‘Member’ means the Member of the Securities Appellate Tribunal appointed under section 15L of the Securities and Exchange Board of India Act, 1992 (15 of 1992).]
(e) “party” means a person who prefers an appeal before the Appellate Tribunal and includes respondent;
(f) “Presiding Officer” means the Presiding Officer of the Securities Appellate Tribunal appointed under section 15L of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(g) “rules” means the rules made under the Act;
2[(h) “Registrar” means the Registrar of the Appellate Tribunal and includes an officer of such Appellate Tribunal who is authorised by the Presiding Officer to function as Registrar;]
(i) “registry” means the registry of the Appellate Tribunal.
(2) Words and expressions used and not defined in these rules but defined in the Depositories Act, 1996 shall have the meanings respectively assigned to them in that Act.
Limitation for filing an appeal
3. An appeal may be preferred by the aggrieved person within a period of forty-five days from the date on which a copy of the order, made by the Board under the Act or the regulations made thereunder, is received by the person :
Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.
1 Inserted by the Depositories (Appeal to Securities Appellate Tribunal) (Amendment) Rules, 2005, w.e.f.
31.1.2005.
2 Substituted by the Depositories (Appeal to Securities Appellate Tribunal) (Amendment) Rules, 2000, w.e.f. 27.7.2001.
Form and procedure of appeal