Section 23E in The Depositories Act, 1996

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).

Title: Power of Central Government to make rules

Description: (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- 1[(a) the manner of inquiry under sub-section (1) of section 19H; (aa) the time within which an appeal may be preferred under sub-section (1) of section 23;] (b) the form in which an appeal may be preferred under sub-section (3) of section 23 and the fees payable in respect of such appeal; (c) the procedure for disposing of an appeal under sub-section (4) of section 23; 2[(d) the form in which an appeal may be filed before the Securities Appellate Tribunal under section 23A and the fees payable in respect of such appeal.] 1. Subs. by s. 22, ibid., for clause (a) (w.e.f. 12-10-2004). 2. Ins. by Act 32 of 1999, s. 16 (w.e.f. 16-12-1999).

Title: Power of Board to make regulations

Description: (1) Without prejudice to the provisions contained in section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board may, by notification in the Official Gazette, make regulations consistent with the provisions of this Act and the rules made thereunder to carry out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide forβ€” (a) the form in which record is to be maintained under clause (i) of sub-section (1) of section 2; (b) the form in which the certificate of commencement of business shall be issued under sub-section (2) of section 3; (c) the manner in which the certificate of security shall be surrendered under sub-section (1) of section 6; (d) the manner of creating a pledge or hypothecation in respect of security owned by a beneficial owner under sub-section (1) of section 12; (e) the conditions and the fees payable with respect to the issue of certificate of securities under sub-section (3) of section 14; (f) the rights and obligations of the depositories, participants and the issuers under sub-section (1) of section 17; (g) the eligibility criteria for admission of securities into the depository under sub-section (2) of section 17; 1[(h) the terms determined by the Board for settlement of proceedings under sub-section (2) of section 19-IA; (i) any other matter which is required to be, or may be, specified by regulations or in respect of which provision to be made by regulations.] 1. Ins. by Act 27 of 2014, s. 55 (w.e.f. 18-7-2013).

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