(1)

Where the Chairperson of the Authority, in consequence of information in hi s possession, has reason to believe that —

(2)

The authorised officer may requisition the services of any police-officer or of any officer of the Central Government, or of both, to assist hi m for all or any of the purposes specified in sub-section (1 ) and it shall be the duty of every such officer to comply with such requisition.

(3)

The authorised officer may, where it is not practicable to seize any such book, account or other document, specified in sub-section (1 ), serve an order on the person who is in immediate possession or control thereof that he shall not remove, part with or otherwise deal with it except with the previous permission of such officer and such officer may take such steps as may be necessary for ensuring compliance with this sub-section.

(4)

The authorised officer may, during the course of the search or seizure, examine on oath any person who is found to be in possession or control of any books, accounts or other documents, and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under this Act.

(5)

The books, accounts, papers, receipts, vouchers, reports, or other documents seized under sub-section (1 ) shall not be retained by the authorised officer for a period exceeding one hundred and eighty days from the date of the seizure unless the reasons for retaining the same recorded by hi m in writing and the approval of the Chairperson of the Authority for such retention is obtained:

Provided that the Chairperson of the Authority shall not authorise the retention of the books, accounts, papers, receipts, vouchers, reports, or other documents for a period exceeding thirty days after all the proceedings under this Act for which the books, accounts, papers, receipts, vouchers, reports, or other documents are relevant are completed.

(6)

The person from whose custody and books, accounts, papers, receipts, vouchers, reports, or other documents are seized under sub-section (1 ) may make copies thereof, or take extracts therefrom, in the presence of the authorised officer or any other person empowered by hi m in this behalf at such place and time as the authorised officer may appoint in this behalf.

(7)

If a person legally entitled to the books, accounts, papers, receipts, vouchers, reports or other documents seized under sub-section (1 ) objects for any reason to the approval given by the Chairperson of the Authority under sub-section (5 ), he may make an application to the Securities Appellate Tribunal stating therein the reason for such objection and requesting for the return of the books, accounts, papers, receipts, vouchers, reports or other documents.

(8)

On receipt of the application under sub-section (7), the Securities Appellate Tribunal may, after giving the applicant an opportunity of being heard, pass such orders as it thinks fit.

(9)

The provisions of the Code of Criminal Procedure, 1898 (5 of 1898) relating to searches and seizures shall apply, so far as may be, to every search and seizure made under sub-section (1).

(10)

The Central Government may, by notification in the Official Gazette; make rules in relation to any search or seizure under this section; in particular, and without prejudice to the generality of the foregoing power, such rules may provide for the procedure to be followed by the authorised officer, —