By: Ibni Maqbool
Srinagar: The Government of India has designated courts of additional special judge, anti-corruption, Jammu and Srinagar as special courts for trial of economic offences under three central laws.
The department of Economic Affairs, Union Finance Ministry has issued a notification to designate these courts as special courts in exercise of the powers conferred by section 26A of the Securities and Exchange Board of India, Act 1992(15 of 1992), section 26A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and section 22C of the Depositories Act, 1996 (22 of 1996).
The notification has been issued with the concurrence of Chief Justice of the High Court of Jammu & Kashmir and Ladakh.
While the Court of additional special judge, anti-corruption, Kashmir will exercise jurisdiction over Kashmir division, the Court of additional special judge, anti-corruption, Jammu will function as special court for Jammu division.
The SEBI Act, Securities Contracts (Regulation) Act, and the Depositories Act empower the Central Government to establish or designate special courts for trial of offences under them.
According to the SEBI Act, the central government may, for the purpose of providing speedy trial of offences under this Act, by notification, establish or designate as many Special Courts as may be necessary.
“A special court shall consist of a single judge who shall be appointed by the central government with the concurrence of the Chief Justice of the High Court within whose jurisdiction the judge to be appointed is working,” it states.
As per The Securities Contracts (Regulation) Act, no court shall take cognizance of any offence punishable under this Act or any rules or regulations or bye-laws made thereunder, save on a complaint made by the central Government or State Government or the SEBI or a recognised stock exchange or by any person. “No court inferior to that of a Court of Session shall try any offence punishable under this Act,” the law states.
According to The Depositors Act, the central government may, for the purpose of providing speedy trial of offences under this Act, by notification, establish or designate as many special courts as may be necessary.
“A special court shall consist of a single judge who shall be appointed by the Central Government with the concurrence of the Chief Justice of the High Court within whose jurisdiction the judge to be appointed is working,” it states.
