Regulation 20 - FINALITY OF AWARD AND CIRCUMSTANCES OF REVIEW - Securities and Exchange Board of India (Ombudsman) Regulations, 2003

FINALITY OF AWARD AND CIRCUMSTANCES OF REVIEW 20.(1) Subject to the provisions of this regulation, an award shall be final and binding on the parties and persons claiming under them respectively. (2) Any party aggrieved by the award on adjudication may within one month from the receipt of the award under Regulation 17 or corrected award under Regulation 18 may file a petition before the Board setting out the grounds for review of the award. (3) An award may be reviewed by the Board only if (a) there is substantial mis-carriage of justice, or (b) there is an error apparent on the face of the award. (4) Where a petition for review of the award under sub-regulation (2) is filed by a party from whom the amount mentioned in the award is to be paid to the other party in terms of the award, such petition shall not be entertained by the Board unless the party filing the petition has deposited with the Board seventy-five percent of the amount mentioned in the award. Provided that the Board may, for reasons to be recorded in writing, waive or reduce the amount to be deposited under this sub-regulation. (5) The Board may review the award and pass such order as it may deem appropriate. (6) The Board shall endeavour to dispose of the matter within a period of forty five days of the filing of the petition for review. (7) The award passed by the Ombudsman shall remain suspended till the expiry of period of one month for filing review petition under sub-regulation (2) or till the review petition is disposed off by the Board. (8) The party so directed shall implement the award within 30 days of receipt of the order of the Board on review or within such period as may be specified by the Board in the order disposing off the review petition. (9) The Board may determine its own procedure consistent with principles of natural justice in the matter of disposing of review petition and may dismiss the petition in limine if it does not satisfy any of the grounds specified in sub-regulation (3).