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

Kaveri Securities Pvt Ltd received a SEBI order on 1 January and filed its appeal before SAT on the 70th day. It says its sole director was hospitalised for the intervening period with medical records to prove it. What is the correct position?

SAT may entertain the appeal even after forty-five days if it is satisfied that sufficient cause existed for the delay. Documented hospitalisation of the director can amount to sufficient cause. The condonation power rests with SAT, not SEBI, and the appeal is not absolutely barred.

  1. AThe appeal is barred absolutely because SAT has no power to entertain appeals after 45 days
  2. BSAT may entertain the appeal if it is satisfied that there was sufficient cause for not filing within 45 daysCorrect
  3. CThe appeal can be entertained only if SEBI consents to the delay
  4. DThe appeal must be converted into a review petition before SEBI

Explanation

The proviso to section 15T(3) allows SAT to entertain an appeal after the 45 day period if satisfied that there was sufficient cause for the delay. The power belongs to SAT and does not depend on SEBI's consent, so the bar and consent options are wrong.

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