Court : Andhra Pradesh
Reported in : 2008(2)ALT225; [2008]144CompCas687(AP); [2010]97SCL261(AP)
..... , the 2nd and 3rd respondents, as arbitrary, illegal and violative of articles 14, 19(1)(g) and 21 of the constitution of india, apart from contrary to the provisions of the securities contracts (regulation) act, 1956 and the hyderabad stock exchange limited (corporatisation and demutualisation) scheme, 2005 and securities and contracts (regulation) (manner of increasing and maintaining public share holding in recognized stock exchange).2. ..... submitted a scheme for corporatisation and demutualisation to sebi as per section 4b(1) of scra and the said scheme was approved and notified as the hyderabad stock exchange limited (corporatisation and demutualisation) scheme, 2005 vide gazette notification s.0.1206(e) dated 29.8.2005.section 4b(8) of the scra stipulates as follows:every recognized stock exchange, in respect of which the scheme for corporatisation or demutualisation has been approved under sub-section (2) shall, either by fresh issue of equity shares to the public or in any other manner as may be specified by the regulations made by the securities and exchange board of india ..... the learned counsel also had taken this court through section 4b of the securities contracts (regulation) act, 1956 (hereinafter in short referred to as 'the act' for the sake of convenience) and in particular, would point out to section 4b(8) of the act. ..... . section 4b of the act deals with the procedure for corporatisation and demutualisation .....
Tag this Judgment!Court : Mumbai
Reported in : 2007(4)ALLMR355; III(2008)BC149; 2007(5)BomCR125; (2007)109BOMLR1273; 2007(4)MhLj149; [2008]81SCL477(Bom)
..... the earlier part of this judgment and he has also not referred to section 21 of sebi act, 1992 which dilutes bar of jurisdiction created by section 20-a (both provisions are reproduced in earlier part (para 10) of our judgment).the learned single judge has observed in paragraph 13 that the above case law demonstrates that by 1956 act and regulations/bye-law of bombay stock exchange, a special procedure and machinery has been evolved for looking into the grievance of person dealing with the sale and purchase of securities. ..... regulation act, it was submitted by shri p.m.shah that recognized stock exchange is empowered to make bye-laws for the purpose of regulation of the entering into, making, performance, recession and termination of contracts between member and his constituent and between a member and a person who is not a member and the consequences of default ..... that, the plaintiff has no registration with sebi and hence, provisions of sebi act 1992 or the securities contracts (regulation) act 1956 ('s.c. ..... high court, observing;.bye-law 226(a) provides that all contracts made by a member for or with a non-member, for the purchase or sale of securities in which dealings are permitted on the exchange, shall in all cases be deemed to be made subject to the rules, bye-laws, regulations and usage of the exchange.as can be seen from paragraph 17, during the period of relevant transactions, the petitioner was not a member and, therefore, this was a dispute between non-member petitioner .....
Tag this Judgment!Court : Mumbai
Reported in : 1999(1)BomCR293; (1999)1BOMLR241; [2001]103CompCas1097(Bom); 1999(1)MhLj352
..... 219 makes it mandatory that the contract notes provide that the contract is subject to the rules, bye-laws, regulations and usages of the exchange i have therefore, no hesitation in holding that contracts between a member and non-member is pursuant to the bye-laws framed under section 9 of the securities contracts (regulation) act, 1956 and that the provisions for arbitration contained in the contract is therefore under the act and as such, falling within section 46 of the 1940 act and section 2(4) of the act of 1996. ..... the contentions raised on behalf of the petitioners are as under :- (a) that the provisions for arbitration between a member and non-member is by virtue of a contract independent of the bye-laws framed under the securities contracts (regulation) act, 1956; though by virtue of incorporation, the procedure set out in the bye-laws has to be followed. ..... 'section 2(n) reads as under:- 'the method and the procedure for settlement of claims or disputes including settlement by arbitration. ..... the question which arose was whether the indian limitation act, 1908 applies to claim for adjudication as also the procedure prescribed in section 54 of the bombay co-operative society act, 1925. ..... the apex court negating the contention held that merely because the procedure for recovering the tax was as if it was an arrears of land revenue, by itself would not convert 'tax' into land revenue to get priority for payment. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1968Bom347; (1968)70BOMLR20
..... in my opinion, therefore, the stock exchange has appeared not merely for the protection of its own interests of the investing public which is one of its duties as can be seen from clause (a) of section 4 of the securities contracts (regulation) act 1956. ..... 9 of the securities contracts (regulation) act 1956, (hereinafter referred to as 'the act') the bye-laws of a recognised stock exchange can have effect only after they are published in the gazette of india and the official gazette of the state in which the stock exchange is situated, that they have not been so published and that the bye-laws have therefore not become effective at all and that therefore there can be no effective arbitration agreement in law. ..... 9 of the securities contracts (regulation) act, 1956, the bye-laws of the stock exchange, bombay, would have been valid only if they had been published in the gazette of india and also in the official gazette of the state in which the principal office of the stock exchange, bombay, was situated, that is in the state in which bombay was, meaning the state of bombay as it then was or the state of ..... 9 casts an obligation upon a recognised stock exchange, even if it has pre-recognition bye-laws, to immediately, upon recognition make bye-laws and follow the procedure laid down in that behalf by s. 9. .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(4)ALLMR713; 2002(6)BomCR759; [2003]115CompCas102(Bom); 2002(4)MhLj65
..... one thing is clear section 7 of the arbitration act, though the later statute of the same legislation, does not contain a non obstante clause and regulation 3.5 of the national stock exchange which is framed under the securities contracts (regulation) act, 1956 clearly provides for the manner in which such a contract should be executed; to the extent that even the form ofcontract is provided. ..... there is, therefore, no merit in the contention that section 18 of the act has been violated and, therefore, the award is liable to be set aside under section 34(2)(a)(v) which enables the court to set aside an award on the ground :'(v) the composition of the arbitral tribunal or the arbitral procedure was not in accordance with the agreement of the parties, unless such agreement was in conflict with a provision of this part from which the parties cannot derogate, or, failing such agreement, was not ..... (n) the method and procedure for the settlement of claims or disputes, including settlement by arbitration;' the national stock exchange of india has in addition to the regulations framed bye-laws. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1961SC21; [1960]30CompCas667(SC); [1961]1SCR191
..... 32 of the constitution for the issue of a wait of mandamus or a writ in the nature of mandamus or any other appropriate direction, order or writ to direct the respondent, the union of india, to the withdraw or cancel the notification dated august 31, 1957, recognising 'the stock exchanges, bombay' under section 4 of the securities contracts (regulation) act, 1956 (xlii of 1956), (hereinafter referred to as 'the act').2. ..... in exercise of the power conferred upon the central government to make rules, the central government made rules described as the securities contracts (regulation) rules, 1957, providing, inter alia, for the qualification for the membership of a stock exchange seeking recognition, the procedure for recognition, the manner of keeping accounts, the submission of annual reports, the constitution of governing bodies and for taking disciplinary action against any member of such bodies other similar matters.5. ..... one of the conditions imposed was that the members of the indian stock exchange limited would be entitled to apply for membership of the stock exchange, bombay, provided they were active members of the indian stock exchange, limited for 12 months immediately preceding august 6, 1957, and they were also eligible under rule 8(1) of the securities contracts (regulation) rules, 1957, to be members of a recognised stock exchanges. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC1952; 1997(4)ALLMR(SC)450; [1997]89CompCas74(SC); JT1997(4)SC15; 1996(5)SCALE17; (1997)10SCC488; [1997]3SCR51
..... conferred by sub-section (1) of section 16 of the securities contracts (regulation) act, 1956 (42 of 1956) the central government being of opinion that is necessary to prevent undesirable speculation in securities in the whole of india, hereby declares that no person in the territory to which the said act extends, shall save with the permission of the central government enter into any contract for the sale or purchase of securities other than such spot delivery contract or contract for cash or hand delivery or special delivery in any securities as is permissible under the said act and the rules, bye-laws and regulations of a recognised ..... resisting the applications the appellant banks had, inter alia, contended that the transactions in question were not illegal and did not contravene the provisions of banking regulation act, 1949 and the circulars issued by the reserve bank of india thereunder and nor were they contrary to the provisions of the securities contract regulation act, 1956 and the notification issued under section 16 thereof. ..... on 27.6.1969 the government issued a notification under section 16(1) of the securities contracts (regulations) act, 1959 which is as follows:s.o. ..... he is merely a custodian and his position is not like that of a receiver under civil procedure code (section 94 order 44) or an official receiver under provincial insolvency act or official assignee under the presidency insolvency act. .....
Tag this Judgment!Court : Mumbai
Reported in : 1999(2)ALLMR129; 1998(4)BomCR849
..... the bombay stock exchange pursuant to the powers conferred under section 9 of the securities contracts (regulation) act, 1956 (hereinafter referred to as the securities contract act, is empowered with the previous approval of the securities & exchange board of india to make bye-laws for the regulation and control of contracts. ..... (n) the method and procedure for the settlement of claims or disputes,including settlement by arbitration.sub-section (4) of the same section reads as under :-'any bye-laws made under this section shall be subject to such conditions in regard to previous publication as may be prescribed, and, when approved by the securities and exchange board of india, shall be published in the gazette of india and also in the official gazette of the state in which the principal office of the recognised stock exchange is situate, and shall have effect as from the date ..... i am not adverting to the various aspects as in my view though in that judgment it was held that it was a statutory contract and if the procedure was inconsistent with the arbitration act it would prevail, nevertheless the point in issue, namely, whether the provisions are saved under the enactment or rules was not in issue at all.that leaves us with the main judgment which has to be considered namely .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 1996(4)ALT940; [2000]100CompCas600(AP)
..... one of the main objects of the nse is to facilitate, promote, assist, regulate and manage in the public interest, dealings in securities of all kinds (which shall include all securities defined as such under the securities contracts (regulation) act, 1956, and all other instruments of any kind including money market instruments) and to provide specialised advanced automated and modern facilities for trading, clearing and settlement of securities, with a high standard of integrity and honour, and to ensure trading in a transparent, fair and open manner with access to investors from areas in or outside india. 4. ..... (2) in particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely :- (c) the matters relating to issue of capital, transfer of securities and other matters incidental thereto and the manner in which such matter shall be disclosed by the companies under section 11a.' 17. ..... the sebi is empowered under regulation 7 to investigate into the buying and selling of securities and regulation 8 provides procedure for such investigation. 22. ..... section 11 imposes a duty on the sebi to protect the interests of investors in securities and to promote the development of and to regulate the securities market and for achieving this object, wide powers have been conferred on the sebi to take such measures as it thinks fit. .....
Tag this Judgment!Court : Mumbai
Reported in : (1983)85BOMLR275; [1985]57CompCas700(Bom)
..... an additional ground on which the claim of the plaintiffs was contested was that the contract for the purchase of shares was illegal and could not be enforced having regard to the provisions of the securities contract (regulation) act, 1956 (hereinafter referred to as 'the regulation act').5. ..... 13 which reads as follows :'if the central government is satisfied, having regard to the nature or the volume of transactions in securities in any state or area, that it is necessary so to do, it may, by notification in the official gazette, declare this section to apply to such state or area, and thereupon every contract in such state or area which is entered into after the date of the notification otherwise than between members of a recognised stock exchange in such state or area or through or with such member shall be illegal.'12. ..... the efficient operation of such a market depends primarily upon adequacy of information, a quantity of securities whose distribution is sufficiently wide to provide marketability and certainly of procedures for the settlement of business.'19. ..... having regard to the view which we have taken, it is not possible for us to find any error in the view which the learned judge has taken that the present contract is not governed by the provisions of the securities contracts (regulation) act, 1956, and is, therefore, not illegal. .....
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