Section 14 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992
- (1)The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.
- (2)Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
Summary
- This section gives the Central Government the power to create detailed rules for the Act.
- These rules are meant to help carry out the various parts of the law.
- Any new rule must be published in the Official Gazette.
- Every rule made must be shown to both Houses of Parliament (Lok Sabha and Rajya Sabha).
- If both Houses agree to change or cancel the rule, the rule is modified or stopped.
- If a rule is cancelled, it does not make previous actions taken under that rule invalid.
Practical examples
FAQ
1. Who has the power to make rules for this Act?
The Central Government makes the rules.
2. Where are the rules published?
They are published in the Official Gazette.
3. Can Parliament cancel a rule?
Yes, if both Houses agree that the rule should not be made, it will have no effect.
4. If a rule is cancelled, does everything done under it become illegal?
No, the cancellation is "without prejudice" to the validity of anything previously done under that rule.
Test yourself
Q1.Under Section 14 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, how must the Central Government announce a new rule?
Q2.According to Section 14 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, how long must a rule be laid before Parliament?
Q3.Under Section 14 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, can the 30 day period in Parliament span multiple sessions?
Q4.Under Section 14 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, what happens if both Houses of Parliament agree to modify a rule?
Q5.According to Section 14 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, if a rule is annulled (cancelled) by Parliament, what is the status of actions already taken under it?
Q6.Under Section 14 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, what is the purpose of making these rules?