Section 26B of The Securities Contracts (Regulation) Act, 1956
1[26B. Offences triable by Special Courts.--Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), all offences under this Act committed prior to the date of commencement of the Securities Laws (Amendment) Act, 2014 (27 of 2014) or on or after the date of such commencement, shall be taken cognizance of and tried by the Special Court established for the area in which the offence is committed or where there are more Special Courts than one for such area, by such one of them as may be specified in this behalf by the High Court concerned.]
Summary
- Special Courts have the exclusive jurisdiction to take cognizance of and try all offences committed under this Act.
- This rule applies notwithstanding anything contained in the Code of Criminal Procedure, 1973.
- It covers all offences under the Act, whether they were committed before, on, or after the date of commencement of the Securities Laws (Amendment) Act, 2014.
- An offence is triable by the Special Court established for the specific geographic area in which that offence was committed.
- If there is more than one Special Court established for a particular area, the High Court concerned will specify which of those Special Courts will try the offence.
Practical examples
FAQ
1. Which court has the authority to try offences committed under the Act after the 2014 amendment?
Under Section 26B, all offences under the Act, whether committed before, on, or after the commencement of the Securities Laws (Amendment) Act, 2014, must be tried by the Special Court.
2. How is it decided which Special Court will try an offence if a state has multiple Special Courts?
The offence is tried by the Special Court established for the area in which the offence is committed. If there are multiple Special Courts for that area, the High Court concerned will specify which one will try the case.
3. Does the Code of Criminal Procedure, 1973 override the jurisdiction of Special Courts?
Yes, Section 26B begins with "Notwithstanding anything contained in the Code of Criminal Procedure, 1973," meaning the jurisdiction of the Special Court overrides any contrary provisions in that Code.
4. Are offences committed before the 2014 amendment also tried by the Special Courts?
Yes, Section 26B explicitly states that offences committed prior to the commencement of the Securities Laws (Amendment) Act, 2014 are also taken cognizance of and tried by the Special Court.
Test yourself
Q1.Under Section 26B of The Securities Contracts (Regulation) Act, 1956, which court has the exclusive authority to take cognizance of and try offences under the Act, overriding the Code of Criminal Procedure, 1973?
Q2.Under Section 26B of The Securities Contracts (Regulation) Act, 1956, how does the law handle offences that were committed before the Securities Laws (Amendment) Act, 2014 came into force?
Q3.Under Section 26B of The Securities Contracts (Regulation) Act, 1956, if there are multiple Special Courts established for the area where an offence was committed, who specifies which court will try the case?
Q4.Under Section 26B of The Securities Contracts (Regulation) Act, 1956, how does the establishment or designation of a court under Section 26A affect where an offence committed after the 2014 amendment is tried?