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Section 30 – The Securities Contract (Regulation) Act, 1956

The Securities Contract (Regulation) Act, 1956

 

30. POWER TO MAKE RULES.

 

(1) The Central Government may, by notification in the Official Gazette, make rules for the purpose of carrying into effect the objects of this Act.

 

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for, –

 

(a) the manner in which applications may be made, the particulars which they should contain and the levy of a fee in respect of such applications;

 

(b) the manner in which any inquiry for the purpose of recognising any stock exchange may be made, the conditions which may be imposed for the grant of such recognition, including conditions as to the admission of members if the stock exchange concerned is to be the only recognised stock exchange in the area; and the form in which such recognition shall be granted;

 

(c) the particulars which should be contained in the periodical returns and annual reports to the furnished to the Central Government;

 

(d) the documents which should be maintained and preserved under section 6 and the periods for which they should be preserved;

 

(e) the manner in which any inquiry by the governing body of a stock exchange shall be made under section 6;

 

(f) the manner in which the bye-laws to be made or amended under this Act shall before being so made or amended be published for criticism;

 

(g) the manner in which applications may be made by dealers in securities for licences under section 17, the fee payable in respect thereof and the period of such licences, the conditions subject to which licences may be granted, including conditions relating to the forms which may be used in making contracts, the documents to be maintained by licensed dealers and the furnishing of periodical information to such authority as may be specified and the revocation of licences for breach of conditions;

 

(h) the requirements which shall be complied with by public companies for the purpose of getting their securities listed on any stock exchange;

 

(ha) the form in which a notice referred to in clause (b) of sub-section (4) of section 22A shall be, the particulars which such notice shall contain, the form in which a reference under clause (c) of the said sub-section (4) shall be the particulars which such reference shall contain, and the evidence and the fees which shall accompany such reference; and

 

(i) any other matter which is to be or may be prescribed.

 

(3) Every rule made under this section shall, as soon as may be, after its publication in the Official Gazette, be laid 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 to more successive sessions, and if, before the expiry of the session immediately following the session or the successive session aforesaid, both Houses agree in making any modification in the rule or both House agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

 

 

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The Securities Contract (Regulation) Act, 1956

 

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