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CS Professional · Drafting, Pleadings and Appearances · Adjudications and Appeals under SEBI Laws

Kavita, a beneficial owner, wants to know where the procedure for resolving disputes involving the depository, issuer, company or a beneficial owner is to be found under the Depositories Act. Which is correct?

The Depositories Act requires the depository's bye-laws to provide the procedure for resolving disputes involving the depository, issuer, company or a beneficial owner. These bye-laws are made with SEBI's previous approval. It is not left to the Civil Procedure Code or decided case by case by the Central Government.

  1. AIt is a matter that the depository's bye-laws must provide forCorrect
  2. BIt is fixed only by the Civil Procedure Code
  3. CIt is left entirely to the Companies Act
  4. DIt is decided only by the Central Government on each occasion

Explanation

Section 26(2)(n) lists the procedure for resolving disputes involving a depository, issuer, company or beneficial owner among the matters the bye-laws must provide for. The bye-laws are made with the Board's previous approval. The other options have no support in the text.

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