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

SAT hears an appeal by Orbit Brokers Ltd against an adjudicating officer's penalty order under the SEBI Act and, after hearing both sides, wishes to dispose of it. Which statement about its powers and duties is correct?

SAT, after hearing the parties, may confirm, modify or set aside the order under appeal. It must then send a copy of its order to the Board, the parties to the appeal and the concerned adjudicating officer, and it should endeavour to decide within six months.

  1. AIt may only confirm the order and cannot modify or set it aside
  2. BIt may confirm, modify or set aside the order and must send a copy of its order to SEBI, the parties and the concerned adjudicating officerCorrect
  3. CIt must remand every case to the adjudicating officer without deciding it
  4. DIt need not hear the parties before passing orders

Explanation

Section 15T(4) empowers SAT, after giving parties an opportunity of being heard, to pass orders confirming, modifying or setting aside the order appealed against. Section 15T(5) requires it to send a copy of its order to the Board, the parties and the concerned adjudicating officer. The other options contradict this.

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