Section 23C in The Depositories Act, 1996

Title: Right to legal representation

Description: 1[23C. Right to legal representation.--The appellant may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any of its officers to present his or its case before the Securities Appellate Tribunal. Explanation.--For the purposes of this section,-- (a) "chartered accountant" means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of Chartered Accountants Act, 1949 (38 of 1949) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act; (b) "company secretary" means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act; (c) "cost accountant" means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of Cost and Works Accountants Act, 1959 (23 of 1959) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act; (d) "legal practitioner" means an advocate, vakil or an attorney of any High Court, and includes a pleader in practice.] 1. Ins. by Act 32 of 1999, s. 15 (w.e.f. 16-12-1999).

Title: Limitations

Description: 1[23D. Limitation.--The provisions of the Limitation Act, 1963 (36 of 1963) shall, as far as may be, apply to an appeal made to a Securities Appellate Tribunal.] 1. Ins. by Act 32 of 1999, s. 15 (w.e.f. 16-12-1999).

Title: Civil Court not to have jurisdiction

Description: 1[23E. Civil court not to have jurisdiction.--No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which a Securities Appellate Tribunal is empowered by or under this Act to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act.] 1. Ins. by Act 32 of 1999, s. 15 (w.e.f. 16-12-1999).

Title: Appeal to Supreme Court

Description: 1[2 [23F. Appeal to Supreme Court.--Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme 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 Supreme 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.]] 1. Ins. by Act 32 of 1999, s. 15 (w.e.f. 16-12-1999). 2. Subs. by Act 1 of 2005, s. 21, for section 23F (w.e.f. 12-10-2004).

Title: Powers of Board not to apply to International Financial Services Centre

Description: 1[23G. Powers of Board not to apply to International Financial Services Centre.-- Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Board under this Act,-- (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005); (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.] 1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).

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