eCourtsIndia
IndiaCode Laws
Section23A
The Depositories Act, 1996

Appeal to Securities Appellate Tribunal

In force From 20 Sep 1995 Act 22 of 1996 As on 15 Oct 2026

Act 22 of 1996 Ministry Finance Enacted 10 Aug 1996 In force 20 Sep 1995 Cited by 4 provisions Instruments 1

Section 23A of the Depositories Act, 1996 deals with appeal to Securities Appellate Tribunal. Save as provided in sub-section (2), any person aggrieved 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 regulations made thereunder, [or by an order made by an adjudicating officer under this Act] The Act came into force on 20 Sep 1995.

1 [23A. Appeal to Securities Appellate Tribunal.--(1) Save as provided in sub-section (2), any person aggrieved 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 regulations made thereunder, 2 [or by an order made by an adjudicating officer under this Act] may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter.

3 * * * * *

(3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order made by the Board is received by the person referred to in sub-section (1) and it shall be in such form and be accompanied by such fees 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 Board and parties to the appeal.

(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.]

Section 23A, The Depositories Act, 1996 (Act 22 of 1996).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

Referred to by 4

  1. s. 19H Power to adjudicate
  2. s. 19-IA Settlement of Administrative and Civil Proceedings
  3. s. 19-IB Recovery of amounts
  4. s. 24 Power of Central Government to make rules

Judgments citing this section

These may be obiter dicta or a precedent, for you to study. These are the judgments where this section is quoted.

  1. Supreme Court of India 23 Jul 2021 SCIN010178752019

    … It would be instructive to also look at the circulars issued by SEBI in order to better understand the practical implications of the language of Section 24A. 39 In a circular dated 20 April 2007[4]( page-24-1) , SEBI issued guidelines for consent orders under Sections 15T of the SEBI Act and Section 23A of the Depositories Act, 1996, and for compounding of offences under Section 24A of the SEBI Act, Section 22A of the Depositories Act and Section 23N of the Securities Contracts (Regulation) Act, 1956. It noted that compounding of an offence "may cover appropriate prosecution cases filed by SEBI before the criminal …

    Read this order on eCourtsIndia

Made under this section, and citing it

1 instrument states that it was made under this provision — the power to make it comes from here, so a change to any of them changes what this section requires in practice. Newest first.

All subordinate legislation

Questions about Section 23A

What does Section 23A of the Depositories Act deal with?

Section 23A of the Depositories Act is headed "Appeal to Securities Appellate Tribunal". [23A. Appeal to Securities Appellate Tribunal.--(1) Save as provided in sub-section (2), any person aggrieved 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 regulations made thereunder, [or by an o

How do I find court cases under Section 23A of the Depositories Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Depositories Act 1996 23A, section 23A Depositories Act 1996, section 23A of the Depositories Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 23A of the Depositories Act, and has it changed?

4 other provisions in this corpus refer back to it. The rules and notifications made under it are where it actually bites, and there is one: most recently the Depositories (Appeal to Securities Appellate Tribunal) Rules, 2000. (2000).

When did Section 23A of the Depositories Act come into force?

Section 23A of the Depositories Act, cited as Depositories Act 1996 23A, came into force on 20 Sep 1995, having been enacted on 10 Aug 1996. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 15 Oct 2026. This page is not a substitute for legal advice.