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

Nirmal Traders wishes to appeal to the Central Government under Section 20 of the SEBI Act, 1992 against a SEBI Board order made in 2022, after the Securities Laws (Second Amendment) Act, 1999 commenced. The firm cites Section 20(1). Which assessment is correct?

The appeal is not maintainable under Section 20(1). That provision covers only orders of the Board made before the commencement of the Securities Laws (Second Amendment) Act, 1999, and a 2022 order falls outside it. The condonation proviso cannot cure this.

  1. AThe appeal lies, since Section 20(1) covers any order of the Board
  2. BThe appeal lies if filed with sufficient cause for delay under the proviso
  3. CThe appeal is not covered, as Section 20(1) applies only to Board orders made before commencement of the 1999 Amendment ActCorrect
  4. DThe appeal lies only if no fee is payable

Explanation

Section 20(1) as it stands allows appeal to the Central Government only against an order of the Board made before the commencement of the Securities Laws (Second Amendment) Act, 1999. A 2022 order falls outside it. The delay proviso in sub-section (2) matters only when the appeal is otherwise maintainable.

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