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

Meera Depository Participants Ltd has filed an appeal before SAT against an order of an adjudicating officer made under the Depositories Act, 1996. The appeal was received on 1 April. What is the statutory expectation regarding its disposal?

SAT should deal with the appeal as expeditiously as possible and endeavour to dispose of it finally within six months from the date it receives the appeal. Section 23A(6) of the Depositories Act sets this as an endeavour, not a rule that the order lapses.

  1. ASAT must dispose of it within 30 days, failing which the order is set aside
  2. BSAT should deal with it as expeditiously as possible and endeavour to dispose of it finally within six months from receipt of the appealCorrect
  3. CSAT has no time expectation for disposal
  4. DSAT must dispose of it within one year from the order appealed against

Explanation

Section 23A(6) of the Depositories Act says the appeal shall be dealt with as expeditiously as possible and SAT shall endeavour to dispose of it finally within six months from the date of receipt of the appeal. This is a directory endeavour, not a deemed-allowance rule. Hence the six months run from 1 April, not from the date of the order.

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