Section 26D in The Securities and Exchange Board of India Act, 1992

Title: Application of Code to proceedings before Special Court

Description: 1[26D. Application of Code to proceedings before Special Court.-- (1) Save as otherwise provided in this Act, the provisions of the Code of Criminal Procedure, 1973 (2 of 1974) shall apply to the proceedings before a Special Court and for the purposes of the said provisions, the Special Court shall be deemed to be a Court of Session and the person conducting prosecution before a Special Court shall be deemed to be a Public Prosecutor within the meaning of clause (u) of section 2 of the Code of Criminal Procedure, 1973 (2 of 1974). (2) The person conducting prosecution referred to in sub-section (1) should have been in practice as an advocate for not less than seven years or should have held a post, for a period of not less than seven years, under the Union or a State, requiring special knowledge of law.] 1. Ins. by Act 27 of 2014, s. 20 (w.e.f. 18-7-2013).

Title: Transitional provisions

Description: 1[26E. Transitional provisions.-- Any offence committed under this Act, which is triable by a Special Court shall, until a Special Court is established, be taken cognizance of and tried by a Court of Session exercising jurisdiction over the area, notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974): Provided that nothing contained in this section shall affect the powers of the High Court under section 407 of the Code of Criminal Procedure, 1973 (2 of 1974) to transfer any case or class of cases taken cognizance by a Court of Session under this section.] 1. Ins. by Act 27 of 2014, s. 20 (w.e.f. 18-7-2013)

Title: Contravention by companies

Description: 1[Contravention by companies].--(1) Where 2[a contravention of any of the provisions of this Act Act or any rule, regulation, direction or order made thereunder] an offence under this Act has been committed by a company, every person who at the time the 3[contravention] was committed was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the 3[contravention] was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where an 3[contravention] under this Act has been committed by a company and it is proved that the 3[contravention] has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of the 3[contravention] and shall be liable to be proceeded against and punished accordingly. Explanation.--For the purposes of this section,-- (a) "company" means any body corporate and includes a firm or other association of individuals; and (b) "director", in relation to a firm, means a partner in the firm. 1. Subs. by Act 13 of 2018, s. 188, for marginal heading (w.e.f. 8-3-2019). 2. Subs. by s. 188, ibid., for "an offence under this Act" (w.e.f. 8-3-2019). 3. Subs. by s. 188, ibid., for "offence" (w.e.f. 8-3-2019).

Title: Omitted

Description: [Power to exempt.] Omitted by the Securities Laws (Amendment) Act, 1995 (9 of 1995), s. 15 (w.e.f. 25-1-1995).

Title: Recovery of amounts

Description: 1[28A. Recovery of amounts.--(1) If a person fails to pay the penalty imposed 2[under this Act] or fails to comply with any direction of the Board for refund of monies or fails to comply with a direction of disgorgement order issued under section 11B or fails to pay any fees due to the Board, the Recovery Officer may draw up under his signature a statement in the specified form specifying the amount due from the person (such statement being hereafter in this Chapter referred to as certificate) and shall proceed to recover from such person the amount specified in the certificate by one or more of the following modes, namely:-- (a) attachment and sale of the person‘s movable property; (b) attachment of the person‘s bank accounts; (c) attachment and sale of the person‘s immovable property; (d) arrest of the person and his detention in prison; (e) appointing a receiver for the management of the person's movable and immovable properties, and for this purpose, the provisions of sections 220 to 227, 228A, 229, 232, the Second and Third Schedules to the Income-tax Act, 1961 (43 of 1961) and the Income-tax (Certificate Proceedings) Rules, 1962, as in force from time to time, in so far as may be, apply with necessary modifications as if the said provisions and the rules made thereunder were the provisions of this Act and referred to the amount due under this Act instead of to income-tax under the Income-tax Act, 1961. Explanation 1.-- For the purposes of this sub-section, the person's movable or immovable property or monies held in bank accounts shall include any property or monies held in bank accounts which has been transferred directly or indirectly on or after the date when the amount specified in certificate had become due, by the person to his spouse or minor child or son's wife or son's minor child, otherwise than for adequate consideration, and which is held by, or stands in the name of, any of the persons aforesaid; and so far as the movable or immovable property or monies held in bank accounts so transferred to his minor child or his son's minor child is concerned, it shall, even after the date of attainment of majority by such minor child or son's minor child, as the case may be, continue to be included in the person's movable or immovable property or monies held in bank accounts for recovering any amount due from the person under this Act. Explanation 2.--Any reference under the provisions of the Second and Third Schedules to the Income-tax Act, 1961 (43 of 1961) and the Income-tax (Certificate Proceedings) Rules, 1962 to the assessee shall be construed as a reference to the person specified in the certificate. Explanation 3.--Any reference to appeal in Chapter XVIID and the Second Schedule to the Income-tax Act, 1961 (43 of 1961), shall be construed as a reference to appeal before the Securities Appellate Tribunal under section 15T of this Act. 3[Explanation 4. --The interest referred to in section 220 of the Income-tax Act, 1961 shall commence from the date the amount became payable by the person.] (2) The Recovery Officer shall be empowered to seek the assistance of the local district administration while exercising the powers under sub-section (1). (3) Notwithstanding anything contained in any other law for the time being in force, the recovery of amounts by a Recovery Officer under sub-section (1), pursuant to non-compliance with any direction issued by the Board under section 11B, shall have precedence over any other claim against such person. (4) For the purposes of sub-sections (1), (2) and (3), the expression "Recovery Officer‘‘ means any officer of the Board who may be authorised, by general or special order in writing, to exercise the powers of a Recovery Officer.] 1. Ins. by Act 27 of 2014, s. 21 (w.e.f. 18-7-2013). 2. Subs. by Act 13 of 2018, s. 189, for "by the adjudicating officer" (w.e.f. 8-3-2019). 3. The Explanation ins. by Act 21 of 2019, s. 42 and the Second Schedule (w.e.f. 21-2-2019).

CHAPTER 7 MISCELLANEOUS