Skip to content

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

Pranav Depository Participants Pvt Ltd is aggrieved by a SAT order passed under the Depositories Act, 1996. It receives communication of the order on 1 April. Which statement correctly describes its remedy to the Supreme Court?

Under Section 23F of the Depositories Act, 1996, the aggrieved person may appeal to the Supreme Court within sixty days from communication of the SAT order, on a question of law arising out of it. The Central Government route in Section 23 is not a precondition.

  1. AIt must first appeal to the Central Government under Section 23 of that Act
  2. BNo appeal lies, since the Depositories Act has no such provision
  3. CIt may appeal to the Supreme Court under Section 23F within sixty days from communication, on a question of lawCorrect
  4. DIt may appeal to the Supreme Court within thirty days, on facts or law

Explanation

Section 23F of the Depositories Act mirrors Section 15Z of the SEBI Act: sixty days from communication, on a question of law arising out of the SAT order. Section 23 covers only Board orders made before the 1999 Amendment Act and is not a precondition.

Did you get it right without looking?

One question tells you little. A timed set on Adjudications and Appeals under SEBI Laws shows your real accuracy, how long you take and where you lose marks.

Practise Adjudications and Appeals under SEBI LawsFree diagnostic mock

More Adjudications and Appeals under SEBI Laws questions