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CS Professional · IFSCA - Regulations, Listing and Compliances · Capital Market Intermediaries

IFSCA passes an adjudication order imposing a monetary penalty on Kaveri Asset Dealers IFSC Ltd. The firm believes the order is wrong. Which course is correct under the IFSCA Act, 2019 framework?

The aggrieved firm can appeal to the Securities Appellate Tribunal within the time allowed by the statute. The IFSCA Act provides this statutory appeal against IFSCA orders, so it is not true that no remedy exists, and the Registrar of Companies has no role.

  1. AAppeal to the Securities Appellate Tribunal against the order within the time allowed by the statuteCorrect
  2. BFile a writ only before the Registrar of Companies
  3. CNo remedy exists against IFSCA orders
  4. DAppeal to the Company Secretary of the firm's parent

Explanation

The IFSCA Act, 2019 provides that a person aggrieved by an order of the Authority may appeal to the Securities Appellate Tribunal within the prescribed period. The ROC and the firm's internal officers have no appellate role, and the claim that no remedy exists is incorrect because statutory appeal is available.

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