Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Jan-07-2009
..... deterrent. this provision was amended with effect from 29.10.2002 to provide for a penalty of one lac rupees for each day during which such ..... rs.1.5 lacs. section 15a(a) of the act finds mention in chapter via of the act which was introduced in january 1995. the provision as it originally stood provided for a penalty not exceeding rs.1,50,000 for each such failure. this provision was amended by the amending act of 2002 which was meant to make the penalty more ..... cases before us the summons which were not complied with had been issued in april 2003 and, therefore, the penalty was levied in accordance with the amended provisions of section 15a(a) of the act at the enhanced rate. that order of the tribunal does not advance the case the appellants. for the reasons recorded above, the appeals fail and .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Jan-14-2009
..... if there was any inadequacy, it was incumbent upon the board to have pointed out the same to cdsl and to have advised it to remove the same by amending the bye laws suitably. 17. the only other adverse finding against cdsl is that it failed to verify the infrastructural facilities of the dps. this charge also fails ..... in all cases. for example, the date of approval by reserve bank of india is not necessary in the case of opening of an account by a domestic indian resident and therefore the date field for such approval in such an account would normally have a default entry which should be easily identifiable as such. it was also ..... a depository system in india and creating an efficient market infrastructure that would obviate the risks of paper-based trading and settlement of transactions in securities. the depositories act was enacted in 1996 to provide a statutory framework for the functioning of depositories. nsdl was the countrys first depository to be granted registration by the board .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Jul-15-2009
..... ensure that their investor protection fund was in line with the provisions of the guidelines. the stock exchanges were required to take steps to make necessary amendments to their relevant bye-laws, rules and regulations for the implementation of the guidelines. the stock exchanges were further directed to bring to the notice of ..... high court rendered its decision and rejected the claim of the appellant, the board came out with comprehensive guidelines issued under section 11(1) of the act dealing with the constitution, management and utilization of the fund. these guidelines have a statutory force. as already noticed, the board had directed all the stock ..... fund called the stock exchange customers protection fund (hereinafter called the fund) by creating a trust and got the same registered under the bombay public trusts act, 1950 and the rules framed thereunder. trustees appointed by bse manage the fund. bse has also framed the stock exchange customers protection fund rules (for short .....
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