Judgment Search Results Home > Cases Phrase: securities contracts regulation rules 1957 Page 1 of about 26,214 results (0.179 seconds)

A. Vaidyanathan Vs. Union of India (Uoi) and anr.

Court : Chennai

Reported in : [2000]101CompCas224(Mad)

..... though he has not directly challenged the order of rejection dated july 29, 1988, while challenging the validity of rule 8(2) of the securities contracts (regulation) rules, 1957, he has also prayed for a direction directing the second respondent to grant membership without imposing any unreasonable or arbitrary terms. ..... however, it is clear that his only grievance is that in view of the unreasonable conditions imposed under rule 8(2) of the securities contracts (regulation) rules, 1957, and of the fact that some arbitrary power has been entrusted with the governing body of the stock exchange, the same violates articles 14 and 19(1)(g) of the constitution of india.12 ..... muthukumaraswami, learned senior central government standing counsel, after taking me through the relevant provisions of the act and rules, has raised the following contentions :(i) by virtue of the rule making power under section 30 of the securities and exchange board of india act, 1992, the first respondent has framed necessary rules ; accordingly the government is also competent to frame rule 8(2) of the securities contracts (regulation) rules, 1957 ;(ii) doing business in securities is not a fundamental right. ..... muthukumaraswami, learned senior central government standing counsel took me through the object of the securities contracts (regulation) act, 1956, relevant provisions therein as well as the rules, namely, the securities contract (regulation) rules, 1957, framed in pursuance of section 30 of the said act. .....

Madhubhai Amathalal Gandhi Vs. the Union of India (Uoi)

Court : Supreme Court of India

Reported in : AIR1961SC21; [1960]30CompCas667(SC); [1961]1SCR191

..... 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 ..... 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. ..... rules adopt the provisions of the rule 8 of the securities contracts (regulation) rules, 1957 ..... 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. ..... reason, in bombay as early as 1925, the bombay securities contracts control act was passed to regulate and control contracts for the purchase and sale of securities in the city of bombay and elsewhere in the bombay .....

P. Ravinder Vs. National Stock Exchange of India Ltd.

Court : Andhra Pradesh

Reported in : [2004]121CompCas275(AP); (2004)4CompLJ201(AP); [2004]49SCL43(AP)

..... rules are framed under the 1956 act called the 'securities contracts (regulation) rules, 1957 which prescribe the procedure required to be followed by the government of india for the recognition of a stock exchange, the method and manner of making an application in that regard and the scrutiny thereof. ..... however, a submission was made on behalf of the respondents that in view of the language of section 9(2)(k) of the securities contracts (regulation) act, 1956, which reads as follows :'the regulation of the entering into, making, performance, recession and termination of contracts, including contracts between members or between a member and his constituent or between a member and a person who is not a member, and the consequences of default or insolvency on the part of a seller or buyer or intermediary, the consequences of a breach or omission by a seller or buyer, ..... 1 being a recognized stock exchange is entitled to frame bye-laws under section 9 of securities contracts (regulation) act, 1956 and section 9(2)(k) empowers making of bye-laws as to the regulation of the entering into, making, performance, recession and termination of contracts, including contracts between members or between a member and his constituent or between a member and a person who is not a member, and the consequences of default or insolvency on the part of a seller or buyer or intermediary, the consequences of a breach or omission by a seller or buyer .....

Kamlesh Kumar Vs. Jaipur Stock Exchange Ltd. and ors. and

Court : Rajasthan

Reported in : [1990]68CompCas666(Raj); 1989(2)WLN216; 1989(2)WLN591

..... a form has been prescribed under the securities contracts (regulation) rules, 1957 (hereinafter referred to as 'the rules'), wherein it is prescribed in column 6, that it has to be mentioned in the said application the number of members at the time of making the application. ..... it may be pointed out that stock exchanges are recognised by the central government in exercise of its powers conferred upon it under section 4 of the securities contracts (regulation) act, 1956 (hereinafter referred to as 'the act'). ..... 1 have to be carefully selected as they will be dealing with securities of the public and, therefore, it is only just and reasonable that every person whoever makes an application should not be allowed to be approved and some enquiry regarding his background, etc. ..... thus, in short, it can be said that under the act and the rules framed thereunder, the central government has power to keep complete control over the work of the stock exchanges which have been recognized in the country.8. ..... 1 will confer certain rights on the member and he will be dealing with securities of the public. .....

Stock Exchange, Ahmedabad Vs. Assistant Commissioner of Income-tax

Court : Gujarat

Reported in : [1998]94CompCas683(Guj); [1998]231ITR906(Guj)

..... accordingly, rule 8 of the securities contracts (regulation) rules, 1957, provides for qualification for membership of a ..... the business of dealing in securities is regulated by the securities contracts (regulation) act, 1956, which, inter alia, provides for grant of recognition to stock exchanges by the central government in accordance with the requirements of ..... referred to in support of the petitioner is case that the legal representatives of the deceased member had expressed in writing their inability to satisfy in full or in part the liabilities/obligations and claims arising out of the contracts made by the late member, subject to the rules and regulations, and, therefore, he was treated as a deemed defaulter and it was resolved that the membership right of rajesh a. ..... accepted, the successor member acquires valuable rights and privileges of doing the business in securities as per the rules and regulations of the stock exchange. ..... becomes member of the stock exchange by accepting all the terms and conditions of the membership, a contract comes into existence between such individual and the stock exchange whereby the individual agrees to abide by these rules and regulations of this stock exchange and the stock exchange impliedly agrees not to deal with him otherwise than in accordance with its rules and regulations. ..... of the right of a member must, therefore, simply depend upon the material terms of the contract as may be found in the rules and regulations of the stock exchange. 15. .....

Ojas V. Khokhadagi and ors. Etc. Etc. Vs. Saurashtra Kutch Stock Excha ...

Court : Gujarat

Reported in : AIR1996Guj23; [1996]87CompCas419(Guj); (1995)2GLR1891

..... the governing body of the stock exchange and having regard to the area served by the stock exchange and its standing and the nature of the securities dealt with by it, may impose for the purpose of carrying out the objects of this act; and the central government has also framed the securities contracts (regulation) rules, 1957 and rule 3 states that the application for recognition shall be made to the central government in form a. ..... this connection, reference was made to section 4 of the securities contracts (regulation) act, 1956, which deals with the grant of recognition ..... to the grant of membership to the saurashtra kutchha stock exchange limited, which is an exchange which has been recognised by the central government under the provisions of the securities contracts (regulation) act, 1956.2. ..... 4 of the securities contracts (regulation) act, 1956 recognition to ..... the securities contracts (regulation) act, ..... said act for.....year/years ending.....19.......on, a permanent basis in respect of contracts in securities subject to the conditions seated hereinbelpw or as may be prescribed or imposed ..... of india, ministry of finance, issued a letter tp the presidents/ executive, directors/secretaries of the various stock exchanges in india, along with which it forwarded a note on authorisation criteria for bankers suggested by the securities and exchange board of india, which was required to be followed by the selection committees uniformly for future selection of members of the stock exchanges. .....

Joseph Michael Vs. Travancore Rubber and Tea Co. Ltd.

Court : Kerala

Reported in : [1989]66CompCas491(Ker)

..... the company did not comply with the requirement of rule 19(3)(e) of the securities contracts (regulation) rules, 1957 and there is no evidence on behalf of the company that there were any sufficient grounds for the delay over one month which was a condition precedent for listing the company with the madras stock ..... rule 19(3)(e) of the securities contracts (regulation) rules, 1957 provides that the company applying for listing shall, as a condition precedent, undertake to issue certificates in respect of shares lodged for transfer within a period of one month of the date of lodgment of transfer. ..... under the securities contracts (regulation) act, 1956 (act 42 1956) and the rules thereunder, there are provisions for listing of securities by public companies with any recognised stock exchange. ..... to that extent, the rules under the securities contracts (regulation) act as well as the circular issued by the government have considerable importance. ..... in 1985, the securities contracts (regulation) act was also amended adding section 22a providing for free transferability and registration of transfer of listed securities of companies. ..... no precedent considering the securities contracts (regulation) act 1956 was brought to my notice.21. ..... , after reviewing the case law on this subject held as follows:' i would, therefore, have to proceed on the basis that in view of regulation 24, the directors in this case had a right to reject the transfer applications without giving reasons. .....

Coimbatore Texcity Share Brokers Association and Another Vs. Union of ...

Court : Chennai

Reported in : [1993]77CompCas29(Mad); (1992)IIMLJ401

..... : our abovesaid order did not consider the argument that four of the seven signatories to the memorandum of association of the company, the coimbatore stock exchange limited, were disqualified to be members of any stock exchange under rule 8(1)(f) of the securities contracts (regulation) rules, 1957 (hereinafter, for convenience sake, referred to as 'the securities rules'), framed under the abovesaid act, they being engaged in business other than securities and accredited industrialists. ..... by the said impugned orders, the respective applications of the respective petitioners/appellants, under section 3 of the securities contracts (regulation)l act, 1956 (hereinafter referred to as 'the act'), for recognition of stock exchange at coimbatore, to be promoted by the respective appellants, were rejected. ..... )), granting recognition under section 4 of the securities contracts (regulation) act, 1956 (42 of 1956) (hereinafter, for convenience sake, referred to as 'the securities act') to the stock exchange at coimbatore started by the coimbatore stock exchange limited, the fifth respondent in review application no. ..... no such similar features are found in the abovesaid securities contracts (regulation) act, 1956, with which we are now dealing, and we think the ratio of the said decision would also apply the facts of the present case. 28 ..... the former was recognised under the erstwhile bombay securities contract control act, 1925, but the latter was not so recognised under the abovesaid 1925 act .....

Kiran Hasija Vs. Escorts Securities Ltd. and anr.

Court : Delhi

..... the third objection of respondent is that as per rule 15(2)(c) of securities contract (regulation) rules, 1957 all transactions is to be carried out on the written instructions of the client ..... mumbai 400021smd/policy/cir-6/97may 07, 1997.to executive directors/presidents/managing directors of all stock exchanges.dear sir,based on the suggestions/representations received from various stock exchanges, sebi has examined the applicability of rule 8(1)(f) and 8(3)(f) of the securities contract (regulation) rules, 1957, relating to fund based activities of brokers. ..... petitioner-objector submits that the agreement dated 17th january, 2000 executed between petitioner-objector and respondent-claimant is void as being violative of punjab registration of money-lender's act, 1938 (in short 'act, 1938') as well as rules 8(1)(f) and 8(3)(f) of securities contracts (regulation) rules, 1957 (in short 'rules, 1957'). ..... as per said communication, borrowing and lending of funds by stock broker in connection with or incidental to securities business would not be disqualified under rule 8(1)(f) and 8(3)(f) of securities contract (regulation) rules, 1957. ..... in fact, lending and borrowing of funds by a trading member in connection with or incidental to or consequential upon the securities business neither attracts the act, 1938 nor the rules 8(1)(f) and 8(3)(f) of rules, 1957. ..... respondent placed reliance on the acts, rules, regulations of securities and exchange board of india and rule 15(2)(c) of said rules. .....

Smt. Vinita Arora Vs. Escorts Securities Ltd. and anr.

Court : Delhi

..... the third objection of respondent is that as per rule 15(2)(c) of securities contract (regulation) rules, 1957 all transactions is to be carried out on the written instructions ..... /cir-6/97may 07, 1997.to executive directors/presidents/managing directors of all stock exchanges.dear sir,based on the suggestions/representations received from various stock exchanges, sebi has examined the applicability of rule 8(1)(f) and 8(3)(f) of the securities contract (regulation) rules, 1957, relating to fund based activities of brokers. ..... the agreement dated 17th january, 2000 executed between petitioner-objector and respondent-claimant is void as being violative of punjab registration of money-lender's act, 1938 (in short 'act, 1938') as well as rules 8(1)(f) and 8(3)(f) of securities contracts (regulation) rules, 1957 (in short 'rules, 1957'). ..... , borrowing and lending of funds by stock broker in connection with or incidental to securities business would not be disqualified under rule 8(1)(f) and 8(3)(f) of securities contract (regulation) rules, 1957. ..... and borrowing of funds by a trading member in connection with or incidental to or consequential upon the securities business neither attracts the act, 1938 nor the rules 8(1)(f) and 8(3)(f) of rules, 1957. ..... the respondent placed reliance on the acts, rules, regulations of securities and exchange board of india and rule 15(2)(c) of said rules.the rule 15 relates to books of account and other documents to be maintained and preserved by every member .....