(1) Any person aggrieved by an order made under this Ordinance, or the rules or regulations made thereunder- may prefer an appeal to •thd Central Government within such time as may be prescribed.
(2) No appeal shall be admitted if it is preferred after the expiry of period prescribed therefor:
Provided that an appeal may be admitted after the expiry of the period prescribed therefor if the appellant satisfies the Central Government that he had sufficient cause for not preferring th appeal within, the prescribed period.
(.?) Every appeal made under this section shall be made in such form and shall be accompanied by a copy of the order appealed against and by such fees as may be prescribed.
(4) The procedure for disposing of an appeal shall be such as may be prescribed:
Provided that before disposing of an appeal, the appellant shall be given a reasonable opportunity of being heard.
Appeals.
21. Nothing in thi3 Ordinance shall exempt any person from any suit or other proceedings which might, apart from this Ordinance, be brought against him.
Savings.
22. All members and officers and other employees of the Board shall be deemedi when acting or purporting to act in pursuance of any of the provisions of this Ordinance, to be public servants within the meaning of section 21 of the Indian Penal Code.4J of 1'jMt.
23. No suit, prosecution or other legal proceedings shall lie against the Central Government or any officer of the Central Government T any member, officer or other employee of the Board for anything which is in good faith done or intendel to be done under this Ordinance or the rules or regulations made thereunder.
Members, Officers and employees of the Board to be public servants.
Protection of action taken in good faith.
24. Whoever contravenes or attempts to contravene or abets the contravention of the provisions of this Ordinance or anv rules or regulations made thereunder shall be punishable with imprisonment for a term which may extend to one year, or with fine, or with both.
Penalty.
25. Notwithstanding -anything contained in the Wealth-fx A^t. 19^7, the Income-tax Act, 1961 or any other enactment for the time being in force relating to tax on. wealth, income, profits or gains—
(a) tho Board;
Exemption from tax on wealth and Income.
27oflW>7.
43 of 1PC1.
10 THE GAZETTE OF INDIA EXTRAORDINARY [PABT K—
(b) the existing Securities and Exchange Board from the date of its constitution to the date of establishment of the Board, shall not be liable to pay wealth-tax, income-tax or any other tax in respect of their wealth, income, profits or gains derived.
. 2fi. (1) No court shall take cognizance of any offence punishably under this Ordinance or any rules or regulations made thereunder, save on a complaint made by the Board with the previous sanction of the Central Government.
(2) No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Ordinance.