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CS Professional · Banking and Insurance - Laws and Practice · Inspection, Investigation, Penalty and Appellate Procedure

IRDAI passes an order against an insurance intermediary, Kavya Brokers Ltd, and the company receives a copy of the order on 1 March. Within what period must it ordinarily file an appeal to the Securities Appellate Tribunal under section 110?

An appeal to the Securities Appellate Tribunal must be filed within forty-five days from the date the aggrieved person receives a copy of the IRDAI order. The period runs from receipt, not from the date of the order, subject to condonation for sufficient cause.

  1. AThirty days from the date of the order
  2. BForty-five days from the date the copy of the order is receivedCorrect
  3. CSixty days from the date of the order
  4. DNinety days from the date the copy of the order is received

Explanation

Section 110(2) requires an appeal to be filed within forty-five days from the date on which the copy of the order is received. The period runs from receipt, not from the date of the order, so thirty, sixty or ninety days are incorrect.

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