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

SAT hears an appeal by Rohan Securities against an order of a SEBI adjudicating officer under the SEBI Act, 1992. After hearing both sides, SAT finds the penalty excessive. Which statement correctly describes SAT's powers and duties under section 15T?

SAT may confirm, modify or set aside the order after giving the parties a hearing, so it can reduce an excessive penalty. It must then send a copy of its order to SEBI, the parties and the concerned adjudicating officer, as section 15T(4) and (5) provide.

  1. ASAT may only confirm or set aside the order; it cannot modify it
  2. BSAT may confirm, modify or set aside the order after hearing the parties, and must send a copy of its order to SEBI, the parties and the concerned adjudicating officerCorrect
  3. CSAT may modify the order without hearing the parties but must send its order to the appellant only
  4. DSAT must remit every case to the adjudicating officer and cannot pass its own order

Explanation

Section 15T(4) empowers SAT, after giving the parties an opportunity of being heard, to pass orders confirming, modifying or setting aside the order appealed against. Section 15T(5) requires a copy of its order to go to the Board, the parties and the concerned adjudicating officer. Options limiting its power or dropping the hearing or the circulation contradict these provisions.

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