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

(1) This Act may be called the Special Court (Trial of OffencesRelating to Transactions in Securities) Act, 1992. (2) It shall be deemed to have come into force on the 6th day of June, 1992.

In this Act, unless the context otherwise requires,-- (a) "Code" means the Code of Criminal Procedure, 1973 (2 of1974); (b) "Custodian" means the Custodian appointed under sub-section(1) of section 3; (c) 'securities" includes-- (i) shares, scrips, stocks, bonds, debentures, debenture stock, units of the Unit Trust of Indiaor any other mutual fund or other marketable securities of a like nature in or of any incorporatedcompany or other body corporate; (ii) Government securities; and (iii) rights or interests in securities; (d) "Special Court" means the Special Court established under sub-section (1) of section 5.

(1) The Central Government may appoint one ormore Custodians as it may deem fit for the purposes of this Act. (2) The Custodian may, on being satisfied on information received that any person has been involvedin any offence relating to transactions insecurities after the 1st day of April, 1991 and on and before the6th June, 1992, notify the name of such person in the Official Gazette. (3) Notwithstanding anything contained in the Code and any other law for the time being in force, onand from the date of notification under sub-section (2), any property, movable or immovable, or both,belonging to any person notified under that sub-section shall stand attached simultaneously with the issueof the notification. (4) The property attached under sub-section (3) shall be dealt with by the Custodian in such manneras the Special Court may direct. (5) The Custodian may take assistance of any person while exercising his powers or for discharginghis duties under this section and section 4.

(1) If the Custodian is satisfied, aftersuch inquiry as he may think fit, that any contract or agreement entered into at any time after the 1st dayof April, 1991 and on and before the 6th June, 1992 in relation to any property of the person notifiedunder sub-section (2) of section 3 has been entered into fraudulently or to defeat the provisions of thisAct, he may cancel such contract or agreement and on such cancellation such property shall standattached under this Act: Provided that no contract or agreement shall be cancelled except after giving to the parties to thecontract or agreement a reasonable opportunity of being heard. (2) Any person aggrieved by a notification issued under sub-section (2) of section 3 or anycancellation made under sub-section (1) of section 4 or any other order made by the Custodian in exerciseof the powers conferred on him under section 3 or 4 may file a petition objecting to the same within thirtydays 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 inSecurities)Bill, 1992 by the President and where such notification, cancellation or order has been issuedon or after that date, within thirty days of the issuance of such notification, cancellation or order, as thecase may be; and the Special Court after hearing the parties, may make such order as it deems fit.

(1) The Central Government shall, by notification in theOfficial Gazette, establish a Court to be called the Special Court. (2) The Special Court shall consist of 1[one or more sitting Judges] of the High Court nominated bythe Chief Justice of the High Court within the local limits of whose jurisdiction the Special Court issituated, with the concurrence of the Chief Justice of India. 2[(3) When the office of 3[a Judge of the Special Court is vacant by reason of absence or leave, theduties of the office shall be performed by such Judge of the High Court within the local limits of whosejurisdiction the Special Court is situated as the Chief Justice of that High Court may, with the concurrenceof the Chief Justice of India, nominate for the purpose and the Judge so appointed shall have all thejurisdiction and powers of 3[a Judge of the Special Court including the powers to pass final orders.]