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Securities Appellate Tribunal (SEBI)

The Securities Appellate Tribunal (SAT) is a quasi-judicial body in India that hears appeals against orders passed by regulatory authorities concerning securities laws. SAT was established under the Securities and Exchange Board of India (SEBI) Act, 1992, and it has been operational since April 1997.

Key features of the Securities Appellate Tribunal (SAT) in India.

The primary function of SAT is to hear and adjudicate appeals against orders passed by SEBI. These appeals may be filed by any person aggrieved by SEBI's decisions, including market participants, listed companies, intermediaries, or investors.

SAT exercises the powers of a civil court and has the authority to summon and enforce the attendance of witnesses, receive evidence, and examine witnesses under oath. It also has the power to require the discovery and production of documents.

SAT consists of a Presiding Officer and at least two other members appointed by the Indian government. The Presiding Officer is usually a sitting or retired judge of the Supreme Court of India, and the other members typically have experience in law, economics, finance, or accountancy.

An appeal before SAT must generally be filed within a specified period from the date of the impugned order by SEBI. The SAT hears the appeal and passes appropriate orders after considering the facts and legal aspects of the case.

SAT has the power to confirm, modify, or set aside the order appealed against. Its decisions are binding on the parties involved in the appeal and can be further challenged in the Indian courts only on questions of law.

The scope of SAT's jurisdiction is restricted to reviewing the legality and correctness of SEBI's orders. It does not have the authority to adjudicate on issues that fall outside the purview of securities laws or review the merits of SEBI's decisions in detail.

SAT operates independently and is not subject to the direct control of SEBI or any other regulatory authority. This autonomy is vital to ensure impartiality in its decision-making process.

The SAT serves as an essential forum for aggrieved parties to seek redressal and appeal against SEBI's decisions. Its role in providing an alternative platform for dispute resolution and ensuring transparency and accountability in the securities market is significant.

However, as with any legal process, it is essential for the parties involved to seek legal advice from qualified professionals when navigating appeals before the Securities Appellate Tribunal in India.

Lawyers can offer a range of litigation services related to the Securities Appellate Tribunal (SAT) in India. When clients are involved in disputes with the Securities and Exchange Board of India (SEBI) and need to file appeals or defend against SEBI's orders, our lawyers can provide valuable assistance throughout the legal process.

Here are some of the litigation services our lawyers can offer related to SAT.

Legal Consultation:

Our lawyers can provide clients with an in-depth understanding of the legal aspects of their case and assess the viability of filing an appeal before SAT. They can explain the relevant securities laws and regulations and guide clients on the best course of action.

Preparing and Filing Appeals:

Our lawyers assist clients in preparing the appeal petition, which includes drafting the grounds of appeal, citing legal precedents, and assembling supporting documents and evidence.

Representing Clients before SAT:

Our lawyers appear on behalf of their clients before SAT during hearings. They present arguments, counter SEBI's contentions, and defend the client's position effectively.

Legal Research and Analysis:

Our lawyers conduct extensive legal research to strengthen their client's case. They analyze past judgments and rulings of SAT and other relevant courts to build persuasive arguments.

Gathering Evidence:

Our lawyers help clients in collecting and organizing evidence to support their case. This may include documents, witness statements, expert opinions, and other pertinent information.


During the hearing, our lawyers conduct cross-examination of witnesses presented by SEBI or the opposing party to challenge their testimony and credibility.

Oral and Written Submissions:

Our lawyers make oral submissions before SAT during hearings, and they also submit written arguments, known as written submissions, to reinforce their case.

Settlement Negotiations:

In some instances, lawyers may explore the possibility of settlement or alternative dispute resolution to resolve the matter without going through a full-fledged appeal process.

Compliance with Procedural Formalities:

Lawyers ensure that all procedural formalities, such as timelines for filing, complying with SAT's orders, and other requirements, are adhered to properly.

Judicial Review:

If SAT passes an order, lawyers can advise their clients on whether to pursue further judicial review of SAT's decision in the appropriate higher courts.

Enforcement of SAT Orders:

In case of successful appeals, lawyers assist clients in ensuring the implementation and enforcement of SAT's orders.

It is essential for individuals or entities involved in disputes with SEBI and considering an appeal before SAT to engage experienced securities lawyers with a strong understanding of securities laws and regulatory matters. These lawyers can provide comprehensive guidance and representation to navigate the complexities of the appeal process effectively.

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