The Securities Appellate Tribunal is not a reviewing body. It has plenary appellate jurisdiction to confirm, modify or set aside the SEBI order — and the 45-day window to file is not discretionary.
The Securities Appellate Tribunal, constituted under Section 15K of the SEBI Act 1992, exercises full appellate jurisdiction. The Supreme Court in SEBI v Ajay Agarwal (2010) confirmed that the SAT is empowered to re-examine the entire factual and legal basis of a SEBI order, not merely to test it for jurisdictional error. This means that a well-prepared appeal can present the defence afresh with the benefit of the adjudication record.
The appeal must be filed within 45 days of the order — a deadline that cannot be treated casually. The SAT can condone delay, but only for sufficient cause. A stay application is frequently critical where the SEBI order imposes a monetary penalty, a debarment or a restraining direction. AMLEGALS treats the SAT appeal as a second opportunity to present the full case, not as a procedural formality, and prepares it with the same intensity as the first-instance defence.
Preparing the appeal memorandum with grounds, the impugned order analysis and the relief sought within the 45-day limitation under Section 15T.
Filing and arguing stay applications to suspend the operation of the SEBI order pending the hearing of the appeal.
Compiling the appeal record, including the SCN, reply, personal-hearing submissions and the impugned order, with supporting documents.
Appearing before the SAT with structured oral arguments on both facts and law, responding to SEBI’s counter-submissions.
Where a question of law arises, filing a further appeal under Section 15Z to the Supreme Court within 60 days of the SAT order.
Advising on compliance with the SAT’s final order and monitoring the implementation of any modified directions.
Under Section 15T of the SEBI Act 1992, any person aggrieved by an order of the SEBI Board, an Adjudicating Officer under Section 15-I, or by an order under the Depositories Act 1996 may prefer an appeal to the SAT. This includes penalty orders, debarment orders, disgorgement directions, directions under Section 11B and refusal orders. The SAT also hears appeals under the Securities Contracts (Regulation) Act 1956.
An appeal to the SAT must be filed within 45 days of the date on which the order is communicated to the appellant. The SAT has the power to condone delay if sufficient cause is shown, but the Supreme Court has held that this power must be exercised judiciously and condonation is not automatic.
Yes. The SAT may, on an application, grant a stay of the operation of the impugned order pending the hearing of the appeal. The SAT considers the prima facie case, balance of convenience and irreparable injury. In practice, stay is frequently sought in penalty and debarment orders where compliance pending appeal would cause disproportionate harm.
The SAT has the power to confirm, modify or set aside the impugned order. It can examine both facts and law. The Supreme Court in SEBI v Ajay Agarwal (2010) held that the SAT is an appellate body with plenary powers to re-examine the entire matter on facts and law, not merely a reviewing body limited to jurisdictional errors.
Yes. Under Section 15Z of the SEBI Act, any person aggrieved by a decision or order of the SAT may file an appeal to the Supreme Court on a question of law. The appeal must be filed within 60 days. Questions of fact settled by the SAT are generally not reopened, but mixed questions of law and fact are entertainable.
No. No engagement is treated as accepted until conflicts, scope and terms are confirmed in writing.
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