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TMI BlogAPPEAL TO CENTRAL GOVERNMENT UNDER SEBI LAWSX X X X Extracts X X X X X X X X Extracts X X X X ..... APPEAL TO CENTRAL GOVERNMENT UNDER SEBI LAWS - By: - Mr. M. GOVINDARAJAN - Corporate Laws / IBC / SEBI - Dated:- 31-8-2021 - - Appeal to Central Government Section 20 of Securities and Exchange Board of India Act ( Act for short) provides that any person aggrieved by an order of the Securities and Exchange Board of India ( Board for short) made before the commencement of the Securities Laws (Second Amendment) Act, 1999 under the Act, or the rules or regulations made there under may prefer an appeal to the Central Government within such time as may be prescribed. SEBI Rule For the purpose of filing appeal the Central Government made the Securities and Exchange Board of India (Appeal to Central Government) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rules, 1993 vide Notification No. GST 362 (E), dated 02.04.1993. The provisions of these Rules came into effect from 02.04.1993. Appeal Any person aggrieved by an order of the Board made under the Act or the rules or regulations made there under may prefer an appeal to the Central Government in the form. Time limit The appeal is to be filed to the Central Government within 30 days from the date of communication of the order from the Board under the Act or rules or regulations. If the appeal could not be filed within the said time limit the appeal shall be accompanied by an application supported by an affidavit setting forth the facts on which the appellant relies to satisfy the Central Government that he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has sufficient cause for not preferring the appeal within the said period of thirty days and if the Central Government is satisfied that the appellant had sufficient cause for not preferring the appeal within the aforesaid period, it may, for reasons to be recorded in writing, admit the appeal after the expiry of the aforesaid period but before the expiry of 45 days from the date of communication to him of the order of the Board. Fees The fees payable for filing appeal is ₹ 5000/- which may be deposited in the nearest Government Treasury or the nearest branch of State Bank of India under the Head 0.65 Other Admn. Services Other Services Other Receipts . Appeal procedure Filing of appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The language of the appeal shall be in English or Hindi. The appeal shall set forth concisely under distinct heads, the grounds of appeal without any argument or narrative and such grounds shall be numbered consecutively. The appeal shall be filed in duplicate. The appeal shall be accompanied by two copies of the order of the Board appealed against and other documents to support the grounds of objections mentioned in the appeal. Where a fact which cannot be borne out by, or is contrary to, the record is alleged, it shall be stated clearly and concisely and supported by a duly sworn affidavit. An appeal shall be preferred by the appellant or his authorized representative to the Central Government in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person or be sent by Registered Post addressed to the Secretary to the Government of India, Department of Economic Affairs, Ministry of Finance, New Delhi. An appeal sent by post shall be deemed to have been preferred to the Central Government on the day on which it is received in the office of the Secretary to the Government of India, Department of Economic Affairs, Ministry of Finance, at Delhi. Appearance Every appellant may appear before the Central Government in person or through his authorized representative. Authorized representative An appellant may, by writing, authorise- an advocate, or a Chartered Accountant, or a Cost Accountant, or a Company Secreta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry, to function as an authorized representative of such party. Where the Form is signed by his authorized representative the appellant shall append to the Form documents authorizing the authorized representative to appear for him and the said document shall state what his relationship is with the appellant. Furnishing of documents The Central Government may, before considering the appeal, require the appellant or the Board or both to furnish such further information and documents as it considers necessary. The parties concerned shall furnish such information and documents within 330 days of such order. (very long time). Hearing of appeal The Central Government shall communicate, before c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidering the appeal, to the appellant or the Board or both the date and place of the hearing of the appeal and may send a copy of the appeal to the Board either before or with such communication. On the day fixed or on any other day to which the hearing may be adjourned, the appellant shall be heard in support of the appeal. The Central Government shall, then, if necessary, hear the Board or its authorized representative against the appeal, and in such case the appellant shall be entitled to reply. Ex-parte order In case the appellant does not appear in person or through an authorized representative when the appeal is called for hearing, the Central Government may dispose of the appeal on merits. Where an appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l has been disposed as above and the appellant appears afterwards and satisfies the Central Government that there was sufficient cause for his non-appearance, when the appeal was called for hearing, the Central Government shall make an order setting aside the ex parte order and restore the appeal. Orders The Central Government shall pass such orders or give such directions as may be necessary or expedient to give effect to, or in relation to, its orders. The order shall be in writing and shall be signed and dated. The order shall be communicated to the appellant and to the Board. Copy of order Any person, other than appellant or the Board, may obtain a copy of the order passed under rule 16 after deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting a sum of one hundred rupees under the head 065 - other Admn. Services - Other Services - Other Receipts. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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