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

Kaveri Industries is aggrieved by a SAT order that confirmed a SEBI finding of fact that it had traded on non-public information. Kaveri wants to appeal to the Supreme Court only because it believes the Tribunal misjudged the evidence. Under Section 15Z of the SEBI Act, 1992, what is the correct position?

The appeal to the Supreme Court lies only on a question of law arising out of the SAT order. A complaint solely about how the Tribunal assessed evidence is a factual challenge and does not fit Section 15Z of the SEBI Act.

  1. AThe appeal is maintainable as of right on facts and law alike
  2. BThe appeal lies only on a question of law arising out of the SAT order, so a pure challenge to evidence appreciation does not qualifyCorrect
  3. CThe appeal lies only to the Central Government
  4. DThe appeal lies only if SEBI consents

Explanation

Section 15Z permits an appeal to the Supreme Court on any question of law arising out of the SAT order. A grievance limited to how evidence was weighed is a factual challenge and does not by itself raise a question of law. The Central Government appeal route in Section 20 applies only to Board orders made before the 1999 amendment.

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