Section 19. Stock exchanges other than recognised stock exchanges prohibited

19. Stock exchanges other than recognised stock exchanges prohibited. —(1) No person shall, except with the permission of the Central Government, organise or assist in organising or be a member of 1. Ins. by Act 27 of 2007, s. 3 (w.e.f. 28-5-2007). 2. Ins. by Act 31 of 1999, s. 3 (w.e.f. 22-2-2000). 3. Subs. by Act 20 of 2015, s. 134, for "stock exchange" (w.e.f. 28-9-2015). 4. Ins. by Act 20 of 2015, s. 134 (w.e.f. 28-9-2015). any stock exchange (other than a recognised stock exchange) for purpose of assisting in, entering into or performing any contracts in securities. (2) This section shall come into force in any State or area on such date as the Central Government may, by notification in the Official Gazette, appoint. 20 . [ Prohibition of options in securities .] Omitted by the Securities Laws (Amendment) Act , 1995 (9 of 1995), s . 22 ( w.e.f . 25-1-1995). LISTING OF SECURITIES[1] * 2[21. Conditions for listing. —Where securities are listed on the application of any person in any recognised stock exchange, such person shall comply with the conditions of the listing agreement with that stock exchange.] 3[21A. Delisting of securities. —(1) A recognised stock exchange may delist the securities, after recording the reasons therefor, from any recognised stock exchange on any of the ground or grounds as may be prescribed under this Act: Provided that the securities of a company shall not be delisted unless the company concerned has been given a reasonable opportunity of being heard. (2) A listed company or an aggrieved investor may file an appeal before the Securities Appellate Tribunal against the decision of the recognised stock exchange delisting the securities within fifteen days from the date of the decision of the recognised stock exchange delisting the securities and the provisions of sections 22B to 22E of this Act, shall apply, as far as may be, to such appeals: Provided that the Securities Appellate Tribunal may, if it is satisfied that the company was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding one month.] 4 — [22. Right of appeal against refusal by stock exchanges to list securities of public companies. Where a recognised stock exchange acting in pursuance of any power given to it by its bye-laws, refuses to list the securities of any public company[5] [or collective investment scheme], the company[ 5] [or scheme] shall be entitled to be furnished with the reasons for such refusal, and may,— (a) within fifteen days from the date on which the reasons for such refusal are furnished to it, or (b) where the stock exchange has omitted or failed to dispose of, within the time specified in sub-section (1) of section 73 of the Companies Act, 1956 (1 of 1956) (hereafter in this section referred to as the "specified time"), the application for permission for the shares or debentures to be dealt with on the stock exchange, within fifteen days from the date of expiry of specified time or within such further period, not exceeding one month, as the Central Government may, on sufficient cause being shown, allow, appeal to the Central Government against such refusal, omission of failure, as the case may be, and thereupon the Central Government may, after giving the stock exchange an opportunity of being heard,— (i) vary or set aside the decision of the stock exchange, or (ii) where the stock exchange has omitted or failed to dispose of the application within the specified time, grant or refuse the permission, and where the Central Government sets aside the decision of the recognised stock exchange or grants the permission, the stock exchange shall act in conformity with the orders of the Central Government:] 1. The words "BY PUBLIC COMPANIES" omitted by 31 of 1999, s. 4 (w.e.f. 22-2-2000). 2. Subs. by Act 9 of 1995, s. 23, for section 21 (w.e.f. 25-1-1995). 3. Ins. by Act 1 of 2005, s. 8 (w.e.f. 12-10-2004). 4. Subs. by Act 41 of 1974, s. 42, for section 22 (w.e.f. 1-2-1975). 5. Ins. by Act 31 of 1999, s. 5 (w.e.f. 22-2-2000). 1[Provided that no appeal shall be preferred against refusal, omission or failure, as the case may be, under this section on and after the commencement of the Securities Laws (Second Amendment) Act, 1999 (32 of 1999).] 2 [22A. Right of appeal to Securities Appellate Tribunal against refusal of stock exchange to list securities of public companies. —(1) Where a recognised stock exchange, acting in pursuance of any power given to it by its bye-laws, refuses to list the securities of any company, the company shall be entitled to be furnished with reasons for such refusal, and may,— (a) within fifteen days from the date on which the reasons for such refusal are furnished to it, or (b) where the stock exchange has omitted or failed to dispose of, within the time specified in sub-section (1A) of section 73 of the Companies Act, 1956 (1 of 1956) (hereafter in this section referred to as the "specified time"), the application for permission for the shares or debentures to be dealt with on the stock exchange, within fifteen days from the date of expiry of the specified time or within such further period, not exceeding one month, as the Securities Appellate Tribunal may, on sufficient cause being shown, allow, appeal to the Securities Appellate Tribunal having jurisdiction in the matter against such refusal, omission or failure, as the case may be, and thereupon the Securities Appellate Tribunal may, after giving the stock exchange, an opportunity of being heard,— (i) vary or set aside the decision of the stock exchange; or (ii) where the stock exchange has omitted or failed to dispose of the application within the specified time, grant or refuse the permission, and where the Securities Appellate Tribunal sets aside the decision of the recognised stock exchange or grants the permission, the stock exchange shall act in conformity with the orders of the Securities Appellate Tribunal. (2) Every appeal under sub-section (1) shall be in such form and be accompanied by such fee as may be prescribed. (3) The Securities Appellate Tribunal shall send a copy of every order made by it to the Board and parties to the appeal. (4) The appeal filed before the Securities Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal.