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

Meridian Securities Ltd, a Mumbai broker, receives a copy of a SAT order against it on 10 March. It wishes to appeal to the Supreme Court under the SEBI Act, 1992 on a question of law arising from the order. What is the normal limitation period and from when does it run?

The appeal must be filed within sixty days from the date the Securities Appellate Tribunal's decision or order is communicated to the aggrieved person. Section 15Z of the SEBI Act fixes this period, and it runs from communication to the appellant, not from the SEBI order.

  1. AThirty days from the date of the SEBI order
  2. BSixty days from the date of communication of the SAT order to the appellantCorrect
  3. CNinety days from the date the SAT order was pronounced
  4. DForty-five days from the date SEBI receives the SAT order

Explanation

Section 15Z allows an appeal to the Supreme Court within sixty days from the date of communication of the SAT decision or order to the aggrieved person. The period runs from communication to the appellant, not from the SEBI order or from pronouncement alone. Thirty, ninety and forty-five days are not the statutory periods.

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