Establishment of Securities Appellate Tribunals
84. (1) The Central Government shall by notification, establish one
or more Appellate Tribunals to be known as the Securities Appellate Tribunals
to exercise the jurisdiction, powers and authority conferred on such Tribunal
by or under this Act.
(2) The Central Government shall also specify in the notification referred to in sub-section (1) the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.
Composition of Securities Appellate Tribunal
85. A Securities Appellate Tribunal shall consist at least of two members, one of whom shall be appointed as the Presiding Officer of the Securities Appellate Tribunal, as may be appointed by a notification issued by the Central Government. The Securities Appellate Tribunal may sit in benches consisting of two members. The Central Government shall appoint sufficient number of members of the Securities Appellate Tribunal having regard to the pendency of the matters.
Qualifications for appointment as Presiding Officer and as members of the Securities Appellate Tribunal
86. A person shall not be qualified for appointment as the Presiding Officer or as a member of a Securities Appellate Tribunal unless he-
(b) has held office as the Presiding Officer of a Tribunal for at least five years.
(c) has held office as an officer in the legal department of the Government or a statutory corporation or the Board for a period of not less than 10 years and has knowledge and experience of securities laws.
87. The Presiding Officer of a Securities Appellate Tribunal and its members shall hold office for a term of five years from the date on which he enters upon his office or until he attains the age of sixty-five years, whichever is earlier.
Salaries and allowances and other terms and conditions of service of Presiding Officers and the members of the Tribunal
88.The salary and allowances payable to and the other terms and conditions
of service (including pension, gratuity and other retirement benefits)
of the Presiding Officer of a Securities Appellate Tribunal and its members
shall be such, as may be prescribed.
Provided that neither the salary and allowances nor the other terms
and conditions of service of the said Presiding Officers or its members
shall be varied to their disadvantage. after appointment.
Filling up of vacancies
89. If, for reason other than temporary absence, any vacancy occurs in the office of the Presiding Officer of a Securities Appellate Tribunal, the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Securities Appellate Tribunal from the stage at which the vacancy is filled.
Resignation and removal
90. (1) The Presiding Officer of a Securities Appellate Tribunal may, by notice in writing under his hand addressed to the Central Government, resign his office:
Provided that the said Presiding Officer shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office, until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is the earliest.
(2) The Presiding Officer of a Securities Appellate Tribunal shall not be removed from his office except by an order by the Central Government on the ground of proved misbehaviour or incapacity after inquiry made by a Judge of the Supreme Court, in which the Presiding Officer concerned has been informed of the charges against him and given a reasonable opportunity of being heard in respect of these charges.
(3) The Central Government may, by rules, regulate the procedure for the investigation of misbehaviour or incapacity of the aforesaid Presiding Officer.
Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings
91. No order of the Central Government appointing any person as the Presiding Officer of a Securities Appellate Tribunal shall be called in question in any manner, and no act or proceeding before a Securities Appellate Tribunal shall be called in question in any manner on the ground merely of any defect in the constitution of a Securities Appellate Tribunal.
Staff of the Securities Appellate Tribunal
92. (1) The Central Government shall provide the Securities Appellate Tribunal with such officers and employees as the Government may deem fit.
(2) The officers and employees of the Securities Appellate Tribunal shall discharge their functions under general superintendence of the Presiding Officer.
(3) The salaries and allowances and other conditions of service of the officers and employees of the Securities Appellate Tribunal shall be such, as may be prescribed.
Appeal to the Securities Appellate Tribunal
93. (1) Save as provided in sub-section (2), any person aggrieved by an order or direction under Section 12 of the Board may under this Act or the rules or regulations made thereunder or of an Adjudicating Officer may prefer an appeal to the securities Appellate Tribunal having jurisdiction in the matter.
(2) No appeal shall lie to the Securities Appellate Tribunal from an order under this Act passed with the consent of the parties.
(3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order is received by the appealing party and it shall be in such form and be accompanied by such fee, as may be prescribed:
Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty five days if it is satisfied that there was sufficient cause for not filing it within that period.
(4) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving the parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against.
(5) The Securities Appellate Tribunal shall send a copy of every order made by it to the parties to the appeal and to the concerned Adjudicating Officer.
(6) The appeal filed before the Securities Appellate Tribunal under sub-section (1) shall be dealt with by it, as expeditiously as possible, and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal.
Procedure and Powers of the Securities Appellate Tribunal
94. (1) The Securities Appellate Tribunal shall not be bound by the procedure laid down by the Code of Civil Procedure, but shall be guided by the principles of natural justice and, subject to the other provisions of this Act and of any rules, the Securities Appellate Tribunal shall have powers to regulate their own procedure including the places at which they shall have their sittings.
(2) The Securities Appellate Tribunal shall have, for the purposes of discharging their functions under this Act, the same powers as are vested in a Civil Court under the Code of Civil Procedure, while trying a suit, in respect of the following matters, namely:
(b) requiring the discovery and production of documents;
(c) receiving evidence on affidavits;
(d) issuing commissions for the examination of witnesses or documents;
(e) reviewing its decision;
(f) dismissing an application for default or deciding it exparte;
(g) setting aside any order of dismissal of any application for default or any order passed by it ex-parte;
(h) any other matter which may be prescribed.
Right to Legal Representation
95. The appellant may, either appear in person or authorise or any of its officers or legal practitioners or practising Chartered Accountants to present his or its case before the Securities Appellate Tribunal.
Limitation Act
96. The provisions of the Limitation Act, 1963, shall, as far as may be, apply to an appeal made to a Securities Appellate Tribunal.
Bar of jurisdiction
97. No Civil Court or any authority under the Consumer Protection Act,1986 ( 68 of 1986 ) or Monopolies and Restrictive Trade Practices Act, 1969 ( 54 of 1969 ) (hereinafter referred to as the "MRTP Act,1969") shall have jurisdiction to entertain any suit or proceeding in respect of any matter which an Adjudicating officer appointed under this Act or a Securities Appellate Tribunal constituted under this Act is empowered by or under this Act to determine or an Enquiry officer under any regulation made under this Act is empowered to enquire into and no injunction shall be granted by any Court or any authority under the Consumer Protection Act or the MRTP Act or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act or regulations made thereunder.
Appeal to High Court
98. (1) Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any question of law arising out of such order:
Provided that the High Court may, if it is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding sixty days.
(2) Such appeal shall be heard by a Bench of two or more Judges of the High Court. The Bench hearing the appeal may admit the appeal and fix the appeal for final hearing on a date convenient to it or may dismiss such appeal summarily.