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

A recognised stock exchange refused to list the securities of Sagar Infra Ltd and furnished its reasons on 10 June. Under section 22A of the Securities Contracts (Regulation) Act, 1956, by when should the company appeal to SAT against the refusal, ignoring the extension for omission cases?

The company must appeal within fifteen days from the date on which the stock exchange furnishes reasons for refusing to list. The period for listing refusals under section 22A is shorter than the forty-five days applicable to other appeals, and it does not run from the application date.

  1. AWithin 15 days from 10 June, the date reasons were furnishedCorrect
  2. BWithin 45 days from 10 June
  3. CWithin 15 days from the date of the application for listing
  4. DWithin 30 days from the date SEBI is informed of the refusal

Explanation

Section 22A(1)(a) gives the company fifteen days from the date on which reasons for refusal are furnished to it. The 45 day period applies to appeals under section 23L, not to a listing refusal under section 22A, so that option is wrong.

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