Can SAT hear appeals against circulars issued by SEBI? Supreme Court answers

Varun Marwah April 7 2017
Supreme Court

The Supreme Court of India, through its judgment dated March 7, 2017 has ruled that administrative circulars issued by the Securities and Exchange Board of India (SEBI) under Section 11(1) of the SEBI Act, 1992 cannot be the subject matter of appeal under Section 15T, before the Securities Appellate Tribunal (SAT).

Or rather, only quasi-judicial orders of the SEBI can be appealed before the SAT, and not administrative or legislative ones.

In the . . .

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