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

Anand Textiles Ltd wants to appeal to the Central Government against an order of SEBI made under the SEBI Act. The order was made after the Securities Laws (Second Amendment) Act, 1999 commenced. Under Section 20 of the SEBI Act as given in the official text, what is the position?

The Section 20 appeal to the Central Government covers only Board orders made before the commencement of the Securities Laws (Second Amendment) Act, 1999. An order made after that date falls outside it, so Anand Textiles cannot use this route.

  1. AThe appeal lies to the Central Government because every SEBI order is appealable there
  2. BThe appeal lies to the Central Government only if filed within the prescribed time with a fee
  3. CThe Central Government appeal under Section 20 is limited to orders of the Board made before that commencement, so this order is not coveredCorrect
  4. DThe appeal lies to the Central Government if the Board consents

Explanation

Section 20(1), as substituted, allows an appeal to the Central Government only against an order of the Board made before the commencement of the Securities Laws (Second Amendment) Act, 1999. A later order is outside this provision. Option B describes procedural conditions that apply only to orders within the section.

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