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Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Preamble 1

Title: Special Court (Trial of Offences Relating to Transactions Insecurities) Act, 1992

State: Central

Year: 1992

THE SPECIAL COURT (TRIAL OF OFFENCES RELATING TO TRANSACTIONS INSECURITIES) ACT, 1992 [Act, No. 27 of 1992] [18th August, 1992.] PREAMBLE An Act to provide for the establishment of a Special Court for the trial of offences relating to transactions in securities for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Forty-third Year of the Republic of India as follows:--

Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Section 8

Title: Jurisdiction of Special Court as to Joint Trials

State: Central

Year: 1992

The Special Court shall have jurisdiction to try and person concerned in the offence referred to in sub-section (2) of section 3 either as a principal, conspiration or abettor and all other offences and accused persons as can be jointly tried therewith at one trial in accordance with the Code.

Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 Complete Act

State: Central

Year: 1992

.....officers or other employees for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act. SECTION 13: ACT TO HAVE OVERRIDING EFFECT The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act, or in any decree or order of any court Tribunal or other authority. SECTION 14: POWER TO MAKE RULES (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. (2) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect.....

Special Court (Trial of Offences Relating to Transactions in Securities) Rules, 1992 Complete Act

State: Central

Year: 1992

.....is involved in an offence] referred to in sub-section (2) of section 3-of the 3[Act], he may proceed to notify the name of the person under that sub-section. RULE 05: DUTY OF CUSTODIAN It shall be the duty of the Custodian to furnish to the Central Government a monthly return in the form appended to these rules, and such other statements and information relating to or connected with the functions of Custodian specified in sections 3-and4-of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, as the Central Government may require from time to time.] FORM 1 FORM (1) Names of the persons notified by the Custodian under section 3-of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, up to the last day of the preceding month (2) Names of the persons notified under section 3-during the month (3) Total number of persons notified [total of ( 1 )+ (2)] (4) Details of properties attached (give separate details for movable and immovable property in respect of each notified person) up to the last day of the preceding month (5) Properties attached (give details of movable and immovable property separately in respect.....

Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Section 9A

Title: Jurisdiction, Powers, Authority and Procedure of Special Court in Civil Matters

State: Central

Year: 1992

.....before such commencement, by any civil Court in relation to by matter of claim-- (a) relating to any property standing attached under sub-section (3) of section 3; (b) arising out of transactions in securities entered into after the 1st day of April, 1991, and on or before the 6th day of June, 1992, in which a person notified under sub-section (2) of section 3is involved as a party, broker, intermediary or in any other manner. (2) Every suit, claim or other legal proceeding (other than an appeal) pending before any Court immediately before the commencement of the Special Court (Trial of Offences Relating to Transactions in Securities) Amendment Act, 1994, being a suit, claim or proceeding, the cause of action whereon it is based is such that it would have been, if it had arisen after such commencement, within the jurisdiction of the Special Court under sub-section (1), shall stand transferred on such commencement to the Special Court and the Special Court may, on receipt of the records of such suit, claim or other legal proceeding, proceed to deal with it, so far as may be, in the same manner as a suit, claim or legal proceeding from the stage which was reached.....

Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Section 5

Title: Establishment of Special Court

State: Central

Year: 1992

.....as the Chief Justice of that High Court may, with the concurrence of the Chief Justice of India, nominate for the purpose and the Judge so appointed shall have all the jurisdiction and powers of3[a Judge of the Special Court] including the powers to pass final orders.". ________________________ 1.Substituted for the words "a sitting Judge" by Special Court (Trial of Offences relating to Transactions in Securities) Amendment Act (24 of 1994),section 2 (w.r.e.f. 25-1-94), (6 of 1997), section 2 (w.r.e.f 16-1-97). 2.Inserted by Special Court (Trial of Offences relating to Transactions in Securities) Amendment Act (24 of 1994),section 2 (w.r.e.f. 25-1-94). 3.Substituted for the words "the Judge of the Special Court", by Special Court (Trial of Offences relating to Transactions in Securities) Amendment Act (24 of 1994),section 2 (w.r.e.f. 25-1-94), (6 of 1997), section 2 (w.r.e.f 16-1-97).

Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Section 7

Title: Jurisdiction of Special Court

State: Central

Year: 1992

Notwithstanding anything contained in any other law, any prosecution in respect of any other law, any prosecution in respect of any offence referred to in sub-section(2) of section 3 shall be instituted only in the Special Court and any prosecution in respect of such offence pending in any Court shall stand transferred to the Special Court.

Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Section 9

Title: Procedure and Powers of Special Court

State: Central

Year: 1992

(1) The Special Court shall, in the trial of such cases, follow the procedure prescribed by the Code for the trial of warrant cases before a Magistrate. (2) Save as expressly provided in this Act, the provisions of the Code shall, in so far as they are not inconsistent with the provisions of this Act, apply to the proceedings before the Special Court and for the purposes of the said provisions of the Code, the Special Court shall be deemed to be a Court of Session and shall have all the powers of a Court of Session, and the person conducting a prosecution before the Special Court shall be deemed to be a Public Prosecutor. (3) The Special Court may pass upon any person convicted by it any sentence authorised by law or the punishment of the offence of which such person is convicted. (4) While dealing with any other matter brought before it, the Special Court may adopt such procedure as it may deem fit consistent with the principles of natural justice.

Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Section 4

Title: Contracts Entered into Fraudulently May Be Cancelled

State: Central

Year: 1992

.....and on any time after the 1st day of April, 1991 and on and before the 6th June, 1992in relation to any property of the person notified under sub-section (2) of section 3 has been entered into fraudulently or to defeat the provisions of this Act, he may cancel such contract or agreement and on such cancellation such property shall stand attached under this Act; Provided that no contract or agreement shall be cancelled except after giving to the parties to the contract or agreement a reasonable opportunity of being heard. (2) Any person aggrieved by a notification issued under sub-section (2) of section 3 or any cancellation made under sub-section (1) of section 4 or any other order made by the Custodian in exercise of the powers conferred on him under section 3 or 4 may file a petition objecting to the same within thirty days of the assent to the Special Court (Trial of Offences Relating to Transactions in Securities)Bill, 1992 by the President before the Special Court where such notification, cancellation or order has been issued before the date of assent to the Special Court (Trial of Offences Relating to Transactions in Securities) Bill, 1992 by the President and where.....

Special Court (Trial of Offences Relating to Trnsactions in Securities) Act, 1992 Section 9B

Title: Powers of the Special Court in Arbitration Matters

State: Central

Year: 1992

(1) The Special Court shall have the jurisdiction and powers of a Court conferred under the Arbitration Act, 1940 to decide any question forming the subject matter of a reference relating to any matter or claim mentioned in sub-section (1) of section 9A. (2) Every suit or other proceeding (other than an appeal) in relation to any matter or claim referred to in sub-sec. (1) of section 9A pending before any Court and governed by the Arbitration Act, 1940,immediately before the date of commencement of the Special Court (Trial of Offences Relating to Transactions in Securities) Amendment Act, 1994 shall stand transferred on that date to Special Court. Explanation.--For the purposes of this section, the expressions "Court" and "reference" shall have respectively the same meanings as defined under clauses (c) and (e) of section 2 of the Arbitration Act, 1940.]