CSEET · Economic and Business Environment · Key Government Institutions
A person aggrieved by an order passed by SEBI wishes to challenge it. Which is the first appellate forum under the current framework?
The first appeal against a SEBI order lies to the Securities Appellate Tribunal. SAT is the specialised forum created under the SEBI Act, and its decisions can be taken further to the Supreme Court on questions of law. NCLT and CCI do not hear such appeals.
- ASecurities Appellate Tribunal (SAT)Correct
- BHigh Court directly under Article 226 as the only route
- CNational Company Law Tribunal (NCLT)
- DCompetition Commission of India
Explanation
The SEBI Act provides for appeals against SEBI orders to the Securities Appellate Tribunal. A further appeal on questions of law from SAT lies to the Supreme Court. NCLT deals with company law matters and CCI with competition, so they are not forums for SEBI order appeals.
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