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

In an appeal filed by Kavita Brokers Pvt. Ltd., the appellant did not appear on the date of hearing and SAT dismissed the appeal for default. Kavita Brokers now wants the dismissal undone. Which power of SAT under the SEBI Act, 1992 is relevant?

SAT has the civil court power to set aside an order dismissing an application for default, and also an order passed ex parte. So Kavita Brokers can seek restoration of the appeal before SAT itself.

  1. APower to set aside an order of dismissal of an application for defaultCorrect
  2. BPower to transfer the case to a civil court for retrial
  3. CPower to refer the matter back to SEBI's Whole Time Member for fresh dismissal
  4. DPower to issue a commission only after the dismissal is confirmed

Explanation

Section 15U(2)(g) gives SAT the civil court power of setting aside any order of dismissal of any application for default, or any ex parte order. Clause (f) allows dismissal for default or an ex parte decision. No power to transfer the case to a civil court exists in this provision.

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