(1) These rules may be called the Securities Contracts (Regulation) (Appeal to Securities Appellate Tribunal) Rules, 2000.
(2) They shall come into force on the date1 of their publication in the Official Gazette.
Definitions 2[2.] (1) In these rules, unless the context otherwise requires,—
(a) "Act" means the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
3[(b) "appeal" means an appeal filed under section 21A or section 22A or section 23L of the SecuritiesContracts (Regulation) Act, 1956 or under sub-rule (5) of rule 19 or subrule (5) of rule 20 of the Securities Contracts (Regulation) Rules, 1957;]
(c) "Appellate Tribunal" means the SecuritiesAppellate Tribunal constituted under section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(d) "bye-laws" means bye-laws made by a stock exchange under the Act;
(e) "form" means the form appended to these rules;
4[(ea) "Member" means the member of the SecuritiesAppellate Tribunal appointed under section 15L of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]
(f) "party" means a person who prefers an appealbefore the Appellate Tribunal and includes respondents;
(g) "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);
5[(h) "Registrar" means the Registrar of the AppellateTribunal and includes an officer of such AppellateTribunal who is authorised by the Presiding Officer to function as Registrar;]
(i) "registry" means the registry of the AppellateTribunal;
(j) "rules" means the rules made under the Act;
(k) "recognised stock exchange" means a stock exchange defined under clause (f) of section 2 of the Act;
(l) "stock exchange" means a stock exchange defined under clause (j) of section 2 of the Act.
(2) Words and expressions used and not defined in these rules but defined in the Securities Contracts (Regulation) Act, 1956 shall have the meanings respectively assigned to them in that Act.
javascript:void(0);
javascript:void(0);
javascript:void(0);
javascript:void(0);
javascript:void(0);
Limitation for filing appeal
3. 6[(1)] Where a recognised stock exchange acting in pursuance of any power given to it by its bye-laws, refuses to list the securities of any company, the company shall be entitled to be furnished with reasons for such refusal and may,—
(a) within 15 days from the date on which the reasons for such refusal are furnished to it, or
(b) where the stock exchange had omitted or failed to dispose of, within the time specified in sub-section (1A) of section 73 of the Companies Act, 1956 (hereinafter in this rule referred to as the "specified time"), the application for permission for the shares or debentures to be dealt with on the stock exchange, within 15 days from the date of expiry of the specified time or within such further period, not exceeding one month, as the Appellate Tribunalmay, on sufficient cause being shown, allow, appeal to the Securities Appellate Tribunal having jurisdiction in the matter against such refusal, omission or failure, as the case may be.
6[(2) Every appeal shall be filed within a period of forty-five days from the date on which a copy of the order, against which the appeal is filed, of a recognised stock exchange withdrawing admission to dealings or suspending admission to dealings which continues for a period exceeding three months in any security/units or other instruments of a "collective instrument scheme", as defined under the Securities and Exchange Board of India Act, 1992 (15 of 1992), is received by the appellant :
Provided that the Appellate Tribunal may entertain an appeal after the expiry of the period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.]
Form and procedure of appeal