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

Under the appeal provision of the SEBI Act, an appeal to the Central Government lies against an order of the Board made before the commencement of the Securities Laws (Second Amendment) Act, 1999. Meera Securities files such an appeal after the prescribed period has expired. On what basis can the appeal still be admitted?

The appeal can be admitted if the appellant satisfies the Central Government that there was sufficient cause for the delay. Section 20(2) bars late appeals generally, but its proviso allows admission on proof of sufficient cause for not appealing within the prescribed period.

  1. AIf the appellant satisfies the Central Government that there was sufficient cause for not appealing within the prescribed periodCorrect
  2. BIf the appellant pays double the prescribed fee
  3. CIf the Board consents to the delay
  4. DIt cannot be admitted under any circumstances once the period has expired

Explanation

Section 20(2) says no appeal is admitted after the prescribed period. Its proviso allows admission if the appellant satisfies the Central Government of sufficient cause for the delay. Payment of a higher fee or the Board's consent plays no role.

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