Section 15T in The Securities and Exchange Board of India Act, 1992

Title: Appeal to the Securities Appellate Tribunal

Description: 1[15T. Appeal to the Securities Appellate Tribunal.-- 2[(1) Save as provided in sub-section (2), any person aggrieved,-- (a) by an order of the Board made, on and after the commencement of the Securities Laws (Second Amendment) Act, 1999 (32 of 1999), under this Act, or the rules or regulations made thereunder; or (b) by an order made by an adjudicating officer 3[[under this Act; or] 4[ (c) by an order of the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority], may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter. 5**** (3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which 6[a copy of the order made by the Board or the adjudicating officer 7[ or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority] as the case may be,] is received by him and it shall be in such form and be accompanied by such fee as may be prescribed: Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period. (4) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving the parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against. (5) The Securities Appellate Tribunal shall send a copy of every order made by it to the 7[Board, 8[or 9[or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, as the case may be] the parties to the appeal and to the concerned adjudicating officer. (6) The appeal filed before the Securities Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Subs. by Act 32 of 1999, s. 9, for sub-section (1) (w.e.f. 16-12-1999). 3. Subs. by Act 7 of 2017, s. 148, "under this Act," (w.e.f. 26-5-2017) 4. Ins. by s.148, ibid. (w.e.f. 26-5-2017) 5. Sub-section (2) omitted by Act 27 of 2014, s. 18 (w.e.f. 18-7-2013). 6. Subs. by Act 32 of 1999, s. 9, for "a copy of the order made, by the adjudicating officer" (w.e.f. 16-12-1999). 7. Ins. by Act 7 of 2017, s.148 (w.e.f. 26-5-2017). 8 Subs. by Act 32 of 1999, s. 9, for "parties" (w.e.f. 16-12-1999). 9. Ins. by Act 7 of 2017, s.148 (w.e.f. 26-5-2017).

Title: Procedure and powers of the Securities Appellate Tribunal

Description: 1[15U. Procedure and powers of the Securities Appellate Tribunal.-- (1) The Securities Appellate Tribunal shall not be bound by the procedure laid down by the code of Civil Procedure, 1908 (5 of 1908), but shall be guided by the principles of natural justice and, subject to the other provisions of this Act and of any rules, the Securities Appellate Tribunal shall have powers to regulate their own procedure including the places at which they shall have their sittings. (2) The Securities Appellate Tribunal shall have, for the purposes of discharging their functions under this Act, the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:-- (a) summoning and enforcing the attendance of any person and examining him on oath; (b) requiring the discovery and production of documents; (c) receiving evidence on affidavits; (d) issuing commissions for the examination of witnesses or documents; (e) reviewing its decisions; (f) dismissing an application for default or deciding it ex-parte; (g) setting aside any order of dismissal of any application for default or any order passed by it ex-parte; (h) any other matter which may be prescribed. (3) Every proceeding before the Securities Appellate Tribunal shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purposes of section 196, of the Indian Penal Code (45 of 1860) and the Securities Appellate Tribunal shall be deemed to be a civil court for all the purposes of section 195 and Chapter XXVI of the Code of Criminal Procedure, 1973 (2 of 1974). 2[(4) Where Benches are constituted, the Presiding Officer of the Securities Appellate Tribunal may, from time to time make provisions as to the distribution of the business of the Securities Appellate Tribunal amongst the Benches and also provide for the matters which may be dealt with, by each Bench. (5) On the application of any of the parties and after notice to the parties, and after hearing such of them as he may desire to be heard, or on his own motion without such notice, the Presiding Officer of the Securities Appellate Tribunal may transfer any case pending before one Bench, for disposal, to any other Bench. (6) If a Bench of the Securities Appellate Tribunal consisting of two members differ in opinion on any point, they shall state the point or points on which they differ, and make a reference to the Presiding Officer of the Securities Appellate Tribunal who shall either hear the point or points himself or refer the case for hearing only on such point or points by one or more of the other members of the Securities Appellate Tribunal and such point or points shall be decided according to the opinion of the majority of the members of the Securities Appellate Tribunal who have heard the case, including those who first heard it.]] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Ins. by Act 7 of 2017, s.148 (w.e.f. 26-5-2017).

Title: Right to legal representation

Description: 1[15V. Right to legal representation.--The appellant may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any of its officers to present his or its case before the Securities Appellate Tribunal. Explanation.--For the purposes of this section,-- a) "chartered accountant" means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act; (b) "company secretary" means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act; (c) "cost accountant" means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act; (d) "legal practitioner" means an advocate, vakil or an attorney of any High Court, and includes a pleader in practice.] 1. Subs. by Act 32 of 1999, s. 10, for section 15V (w.e.f. 16-12-1999).

Title: Limitation

Description: 1[15W. Limitation. --The provisions of the Limited Act, 1963 (36 of 1963), shall, as far as may be, apply to an appeal made to a Securities Appellate Tribunal.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995).

Title: Presiding Officer, Members and staff of Securities Appellate Tribunals to be public servants

Description: 1[15X. Presiding Officer, Members and staff of Securities Appellate tribunal to be public servants.--The Presiding Officer, Members and other officers and employees of a Securities Appellate Tribunal shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860)]. 1. Subs. by Act 59 of 2002, s. 26, for section 15X (w.e.f. 29-10-2002).

CHAPTER 6B ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF APPELLATE TRIBUNAL