Section 2 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992
In this Act, unless the context otherwise requires,--
- (a)"Code" means the Code of Criminal Procedure, 1973 (2 of1974);
- (b)"Custodian" means the Custodian appointed under sub-section(1) of section 3;
- (c)'securities" includes--
- (i)shares, scrips, stocks, bonds, debentures, debenture stock, units of the Unit Trust of India or any other mutual fund or other marketable securities of a like nature in or of any incorporated company or other body corporate;
- (ii)Government securities; and
- (iii)rights or interests in securities;
- (d)"Special Court" means the Special Court established under sub-section (1) of section 5.
Summary
- This section explains the meaning of specific words used throughout the Act.
- It defines the Code as the Code of Criminal Procedure from 1973.
- It identifies the Custodian as the person appointed under the rules of Section 3.
- It lists what counts as securities, such as company shares, stocks, bonds, and government bonds.
- It includes mutual funds and rights or interests in securities under the definition of securities.
- It defines the Special Court as the court set up under the rules of Section 5.
Practical examples
FAQ
1. Does this law cover mutual funds?
Yes, Section 2 includes mutual funds in the definition of securities.
2. Who is the Custodian mentioned in the Act?
According to Section 2, the Custodian is the official appointed under Section 3, sub-section 1.
3. What does the term Code mean in this Act?
It refers to the Code of Criminal Procedure, 1973.
Test yourself
Q1.Under Section 2 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, which of these is NOT explicitly listed as a security?
Q2.Under Section 2 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, the term Custodian is defined by referring to which other part of the Act?
Q3.Under Section 2 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, how is the Special Court defined?
Q4.Under Section 2 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, what does the word Code refer to?
Q5.Under Section 2 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, are rights or interests in securities considered securities themselves?
Q6.Under Section 2 and Section 5 of The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, if a court is not established under Section 5(1), can it be the Special Court defined in Section 2?