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

Meera Capital Ltd. has a case pending before one Bench of SAT. The opposing party applies for transfer of the case to another Bench. Which statement is correct under Section 15U of the SEBI Act, 1992?

The Presiding Officer of SAT may transfer a pending case to another Bench, either on a party's application after notice to the parties, or on his own motion without any notice. Consent of both parties is not needed.

  1. AOnly the Central Government can order such a transfer
  2. BThe Presiding Officer may transfer the case to another Bench on application after notice to the parties, or on his own motion without noticeCorrect
  3. CTransfer is permitted only with the written consent of both parties
  4. DA case once listed before a Bench can never be transferred

Explanation

Section 15U(5) lets the Presiding Officer transfer any case pending before one Bench to another, either on a party's application after notice and hearing such parties as he desires, or on his own motion without notice. Consent of both parties is not required, and the Central Government has no role.

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