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

Ritu Depository Services is a participant. Dispute: a pre-1999 Board order under the Depositories Act is appealed to the Central Government after the prescribed period has expired. Ritu shows that the delay was caused by serious illness. Under Section 23 of the Depositories Act, what may the Central Government do?

The Central Government may admit the late appeal if it is satisfied that sufficient cause existed for not filing within the prescribed period. This is the proviso to Section 23(2) of the Depositories Act. Illness can be such a cause, and no SEBI consent is required.

  1. AReject the appeal because no appeal can ever be admitted after the prescribed period
  2. BAdmit the appeal if satisfied that there was sufficient cause for the delayCorrect
  3. CAdmit the appeal only if SEBI consents to the delay
  4. DAdmit the appeal but only after the appellant pays double the fee

Explanation

Section 23(2) bars appeals after the prescribed period, but the proviso lets the Central Government admit a late appeal if the appellant shows sufficient cause. Option A ignores the proviso. No SEBI consent or double fee is mentioned.

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