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

A broker is aggrieved by a SEBI order made in 2018, against which SAT has already ruled. Which route is available for the next appeal under the SEBI Act, 1992, as currently in force?

The next appeal lies to the Supreme Court under Section 15Z, limited to a question of law arising out of the SAT order. Section 20 covers only Board orders made before the 1999 amendment, and Section 26B deals with trial of offences, not appeals.

  1. AAn appeal to the Central Government under Section 20 within the prescribed time
  2. BAn appeal to the Supreme Court under Section 15Z on a question of law arising out of the SAT orderCorrect
  3. CA trial before a Special Court under Section 26B
  4. DA review by SEBI's own Board as the only remedy

Explanation

After SAT decides, the further appeal lies to the Supreme Court under Section 15Z on a question of law. Section 20 now applies only to Board orders made before the 1999 Amendment Act commenced. Section 26B concerns trial of offences by Special Courts, not appeals from SAT.

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