Drafting, Pleadings and Appearances · Adjudications and Appeals under SEBI Laws

Appearance Before SEBI and SAT; Application of Other Laws

Updated 11 October 2026 · Fact-checked

Under the SEBI Act (s.15V), SCRA (s.22C) and Depositories Act (s.23C), an appellant may appear in person or authorise chartered accountants, company secretaries, cost accountants, legal practitioners or its own officers to present its case before SAT. Section 32 of the SEBI Act says these laws add to, not replace, other laws.

Understand Appearance Before SEBI and SAT; Application of Other Laws

A person aggrieved by a SEBI order or a decision under the securities laws appeals to the Securities Appellate Tribunal (SAT). The first question in any such matter is who can speak for the appellant.

The three securities statutes use identical wording. Section 15V of the SEBI Act, section 22C of the Securities Contracts (Regulation) Act, 1956 and section 23C of the Depositories Act, 1996 are all titled Right to legal representation. The appellant may appear in person, or authorise one or more of these to present the case: chartered accountants, company secretaries, cost accountants, legal practitioners, or any of its officers.

The Explanation narrows the professional categories. A chartered accountant, company secretary or cost accountant must be one who holds a certificate of practice under section 6(1) of the respective professional Act. So a CS who is a member but holds no certificate of practice does not fall within the section. A legal practitioner means an advocate, vakil or attorney of any High Court, and includes a pleader in practice.

SAT is not bound by the Code of Civil Procedure, 1908 but is guided by natural justice and regulates its own procedure (SCRA s.22B(1), Depositories Act s.23B(1)). It still has civil court powers for summoning witnesses, discovery of documents, affidavit evidence, commissions, review, and dismissal or ex parte decisions. Its proceedings are deemed judicial proceedings. This is why your drafting must be formal and evidence-backed even though the procedure is flexible.

Section 32 of the SEBI Act says the Act is in addition to, and not in derogation of, any other law in force. So SEBI action does not stop proceedings under, for example, the Companies Act. Separately, section 15JB lets a person facing proceedings under sections such as 11, 11B or 11D apply to SEBI for settlement. SEBI may agree after considering nature, gravity and impact of the defaults, on payment of a sum or other terms under the regulations. No appeal lies to SAT under section 15T against an order passed under section 15JB.

Key rules to remember

Who may appear before SAT: In person OR authorised CA / CS / CMA / legal practitioner / officer of appellant; Same rule in SEBI Act s.15V, SCRA s.22C and Depositories Act s.23C.
Professional condition: CA, CS, CMA must hold a certificate of practice under s.6(1) of their own Act; Membership alone is not enough.
Legal practitioner: Advocate, vakil or attorney of any High Court, including a pleader in practice; Definition in the Explanation to each section.
SAT procedure: Not bound by CPC, 1908; guided by natural justice; regulates own procedure; SCRA s.22B(1); Depositories Act s.23B(1).
SAT civil court powers: Summon and examine on oath; discovery; affidavits; commissions; review; dismissal for default or ex parte; setting aside such orders; SCRA s.22B(2); Depositories Act s.23B(2).
Other laws not barred: SEBI Act is in addition to, and not in derogation of, any other law in force; Section 32, SEBI Act.
Settlement: Application to SEBI under s.15JB; no appeal under s.15T against the settlement order; Applies to proceedings under ss.11, 11B, 11D, 12(3) or 15-I, initiated or likely.

How to solve Appearance Before SEBI and SAT; Application of Other Laws questions

Use this order for any problem on appearance or on the interplay of SEBI laws with other laws.

1Identify the forum: SEBI, adjudicating officer or SAT. The statutory right to representation in these sections is for the appellant before SAT.
2State the provision: s.15V SEBI Act, s.22C SCRA or s.23C Depositories Act, depending on the statute under which the appeal arises.
3List the permitted representatives: the appellant in person, CA, CS, CMA, legal practitioner or its own officer.
4Test the facts: does the CS, CA or CMA hold a certificate of practice? Is the person an advocate or an officer of the appellant?
5Add procedural support if relevant: SAT follows natural justice, not CPC, but has civil court powers.
6For other-law questions, apply s.32: SEBI Act does not oust other laws, so parallel proceedings may be possible.
7For settlement questions, apply s.15JB and note that no appeal lies under s.15T against the settlement order.
8Conclude clearly and add a drafting point, such as a vakalatnama or authorisation letter.

Quickest way: Four-line answer frame

When to use it: Use when time is short and the question asks whether a named person can appear before SAT.

Name the section for the relevant Act.
Say who is permitted: self, CA, CS, CMA, legal practitioner or officer.
Check the certificate of practice condition for CA, CS, CMA.
Conclude yes or no, with a one-line note on written authorisation.

Common mistakes in Appearance Before SEBI and SAT; Application of Other Laws

Saying any company secretary can appear before SAT.
Students read the word 'company secretary' and ignore the Explanation.
Fix: Write that the CS must hold a certificate of practice under section 6(1) of the Company Secretaries Act, 1980.
Forgetting that the appellant can appear in person or through its own officer.
Students focus on professionals only.
Fix: Begin the list with 'in person' and end it with 'any of its officers'.
Quoting only the SEBI Act section for all appeals.
The three sections are word-for-word the same, so they blur together.
Fix: Match the section to the statute: SEBI Act 15V, SCRA 22C, Depositories Act 23C.
Saying SAT must follow the Code of Civil Procedure strictly.
Students know SAT has civil court powers and assume full CPC applies.
Fix: State that SAT is not bound by CPC, follows natural justice, and has civil court powers only for the listed matters.
Thinking section 32 means SEBI law overrides all other laws.
Confusing 'in addition to' with 'overriding'.
Fix: Write that the Act is additional, and does not derogate from other laws in force.
Assuming a settlement order can be appealed to SAT under s.15T.
Students treat every SEBI order as appealable.
Fix: Recall s.15JB(4): no appeal under s.15T against an order passed under that section.

Worked examples

Example 1

Meera Joshi is a member of ICSI but has not obtained a certificate of practice. Vertex Securities Ltd wants to authorise her to present its appeal before SAT against a SEBI order. Advise.

Show the solution

Provision: section 15V of the SEBI Act allows an appellant to authorise company secretaries, among others, to present its case before SAT.
The Explanation defines company secretary as one who has obtained a certificate of practice under section 6(1) of the Company Secretaries Act, 1980.
Meera has no certificate of practice, so she is outside the definition.
Vertex may instead have its own officer appear, or authorise a practising CS, CA, CMA or a legal practitioner.

Answer: Meera cannot appear for Vertex under section 15V because she lacks a certificate of practice. Vertex can appear through its own officer, or authorise a practising CS, CA, CMA or advocate.

Example 2

Dhruv Mehta, a depository participant, faces SEBI proceedings under the SEBI Act for a default. He argues that because the Depositories Act also exists, no other law can be applied to him. Is he correct?

Show the solution

Provision: section 32 of the SEBI Act says its provisions are in addition to, and not in derogation of, any other law for the time being in force.
So the SEBI Act does not exclude other applicable laws, and the Depositories Act being in force does not bar SEBI proceedings.
Dhruv may be exposed to both, depending on the facts and each law's own provisions.
If he wishes to resolve SEBI proceedings, he may apply for settlement under section 15JB, subject to SEBI agreeing; no appeal lies under s.15T against that settlement order.

Answer: Dhruv is not correct. Section 32 makes the SEBI Act additional to other laws, so other applicable laws are not barred. Settlement under section 15JB is an option, but a settlement order is not appealable under section 15T.

Exam tips

Quote the exact section for the Act in the question: 15V, 22C or 23C.
Always mention the certificate of practice for CA, CS and CMA; examiners look for it.
In case-based answers, structure as provision, analysis of facts, conclusion.
Link section 32 to concurrent proceedings and section 15JB to settlement without overstating either.
Add a practical drafting line, such as a signed authorisation for the representative.

Practice questions from Adjudications and Appeals under SEBI Laws

Appearance Before SEBI and SAT; Application of Other Laws: frequently asked questions

Can a company secretary appear before SAT?

Yes, if the CS holds a certificate of practice under section 6(1) of the Company Secretaries Act, 1980. The appellant must authorise the CS to present its case under section 15V, 22C or 23C, depending on the statute.

Can a company appear before SAT without a lawyer?

Yes. The appellant may appear in person or through any of its officers. It may also authorise a CA, CS, CMA or legal practitioner.

What does section 32 of the SEBI Act mean?

It means the SEBI Act supplements other laws and does not take away from them. Other laws in force continue to apply alongside it.

Can a SEBI settlement order be appealed to SAT?

Under section 15JB(4), no appeal lies under section 15T against an order passed under that section. Settlement is by application to SEBI, which may agree on payment of a sum or other terms under the regulations.