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

Ketan Rao is being prosecuted before a Special Court established under the SEBI Act, 1992 for a securities offence. His counsel argues that the Code of Criminal Procedure, 1973 has no role because the SEBI Act is a complete code. Which statement correctly reflects the SEBI Act position on proceedings before a Special Court?

The Code of Criminal Procedure, 1973 applies to Special Court proceedings under the SEBI Act, except where the Act provides otherwise. For these purposes the Special Court is deemed to be a Court of Session, so the claim that the Code is excluded fails.

  1. AThe Code of Criminal Procedure, 1973 applies save as otherwise provided in the Act, and the Special Court is deemed a Court of SessionCorrect
  2. BThe Code of Criminal Procedure, 1973 is wholly excluded from Special Court proceedings
  3. CThe Special Court is deemed a Magistrate's court of the second class for applying the Code
  4. DThe Code applies only to the extent the accused consents to it

Explanation

Section 26D of the SEBI Act says that, save as otherwise provided in the Act, the Code of Criminal Procedure, 1973 applies to Special Court proceedings and the Special Court is deemed a Court of Session. The argument of complete exclusion is wrong because the Act itself imports the Code.

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