Securities and Exchange Board of India Act,1992
Act No : 15
Section :
Proceed ure and powers of the Securities Appellate Tribunal.
15U. Proceed ure and powers of the Securities Appellate Tribunal. (1) The Securities Appellate Tribunal shall not be bound by the procedure laid down by the code of Civil Procedure, 1908, but shall be guided by the princciples 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 Trribunal shall have, for the purposes of discharging their functions under this Act, the same powers as are vested in a civil ccourt under the Code of civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:-- (a) summoning and enforcing the attendance of any person and examining him on oath; (b) requring the discovery and production of documents; (c) receiving evidence on affidavits; (d) issuing commissions for the examination of witnesses or documents; (e) reviewing its decisions; (f) dismissing an application for default or deciding it ex parte; (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. (3) Every proceeding beffore the Securities Appellate Tribunal shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purposes of section 196, of the Indian Penal Code and the Securities appellate Tribunal shall be deemed to be a civil court for all the purposes of section 195 and Chapterr XXVI of the ccode of Criminal Procedure, 1973.
Read All Comments
