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

Vihaan Textiles Ltd received on 1 March a copy of an order passed by an adjudicating officer of SEBI imposing a penalty under the SEBI Act, 1992. The company wishes to appeal to the Securities Appellate Tribunal (SAT). Within what period must the appeal ordinarily be filed?

The appeal must ordinarily be filed within 45 days from the date on which the appellant receives a copy of the adjudicating officer's order. The limitation runs from receipt of the copy, not from the order date, hearing or show cause notice, under section 15T(3) of the SEBI Act.

  1. AWithin 15 days from the date of the order
  2. BWithin 30 days from the date of the hearing
  3. CWithin 45 days from the date on which a copy of the order is receivedCorrect
  4. DWithin 60 days from the date of the show cause notice

Explanation

Section 15T(3) of the SEBI Act requires an appeal to be filed within forty-five days from the date on which a copy of the order is received by the appellant. The period runs from receipt of the copy, not from the date of the order, the hearing or the notice. The 15-day period appears only in the listing-refusal appeal under section 22A of the SCRA.

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