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

Meridian Securities Ltd. receives a copy of an order of the Securities Appellate Tribunal (SAT) on 10 March. It wants to challenge the order before the Supreme Court under the SEBI Act, 1992. Within how many days from the date of communication of the order must the appeal ordinarily be filed?

The appeal must ordinarily be filed within sixty days from the date the SAT order is communicated to the aggrieved person, as provided by Section 15Z of the SEBI Act, 1992. A further period is available only on showing sufficient cause.

  1. A30 days
  2. B45 days
  3. C60 daysCorrect
  4. D90 days

Explanation

Section 15Z of the SEBI Act allows an aggrieved person to appeal to the Supreme Court within sixty days from the date of communication of the SAT order to him. Thirty or forty-five days are shorter periods that the section does not provide, and ninety days would exceed even the maximum after condonation (60+60=120 only with sufficient cause).

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