Establishment of Securities Appellate Tribunals
Section 15K of the Securities and Exchange Board of India Act, 1992 deals with establishment of Securities Appellate Tribunals. The Central Government shall, by notification, establish a Tribunal to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force. The Act came into force on 30 Jan 1992.
1[15K. Establishment of Securities Appellate Tribunal.--(1) The Central Government shall, by notification, establish a Tribunal to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force.
(2) The Central Government shall also specify in the notification referred to in sub-section (1), the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.]
Section 15K, The Securities and Exchange Board of India Act, 1992 (Act 15 of 1992).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
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SEBI v. Saikala Associates Ltd. (with SEBI v. Shilpa Stock Brokers P. Ltd. & Mehta Vakil & Co.)
Court's Decision & Legal Precedent
DATE VERIFIED REPORTABLE Judgment 2009-04-21 (order-4.pdf; Dr. Arijit Pasayat & Lokeshwar Singh Panta JJ.; body ends "New Delhi, April 21, 2009" matching order index Judgment of Main Case 2009-04-21; MCP may auto-flag embedded 1997-03-31 / 2000-01-14 circular/dealing dates inside the factual narrative — disregarded, same pattern as wave402 Roofit/NSDL). SAT is a creation of statute under s.15K and may exercise only jurisdiction conferred by the Act (including s.15T confirm/modify/set-aside). For proved s.12(1)/Rule 3 broker/sub-broker registration violations, the only penalties available are suspension or cancellation under s.12(3) as fleshed out in the Regulations — SAT cannot travel beyond that statutory menu to substitute a different penalty form. SAT orders modifying SEBI suspensions set aside; SEBI orders restored. Teaching lock for s.15K: tribunal existence and powers are statute-bounded.
On this section: s.15K Establishment of Securities Appellate Tribunals — SAT created under s.15K is a statutory tribunal whose appellate modify powers (s.15T) cannot invent penalties outside the s.12(3) suspension/cancellation scheme for broker registration breaches.
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
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.
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… (v) any other matter required for the purpose of, or in connection with, the corporatisation or demutualisation, as the case may be, of the recognised Stock Exchange;';] 5 [6 [(gb)] "Securities Appellate Tribunal" means a Securities Appellate Tribunal established under subsection (1) of section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992)] (h) 'securities' include- (i) shares, scrips stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate; 7 [(ia) derivative; (ib) units or any …
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… (v) any other matter required for the purpose of, or in connection with, the corporatisation or demutualisation, as the case may be, of the recognised Stock Exchange;';] 5 [6 [(gb)] "Securities Appellate Tribunal" means a Securities Appellate Tribunal established under subsection (1) of section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992)] (h) 'securities' include- (i) shares, scrips stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate; 7 [(ia) derivative; (ib) units or any …
Made under this section, and citing it
5 instruments name this provision in its title or its text without being made under it.
- SEBI (Settlement Proceedings) Regulations, 2018Regulation 2018
- Securities Appellate Tribunal (Procedure) Rules, 2000Rule 2000
- Securities Contracts (Regulations) (Appeal to Securities Appellate Tribunal) Rules, 2000Rule 2000
- Securities Appellate Tribunal (Salaries and Allowances and other Conditions of Service of the Officers and Employees) Rules, 1997Rule 1997
- the Securities Appellate Tribunal (Salaries and Allowances and Other Conditions of Service of the Officers and Employees) Rules, 1997.Rule 1997
Questions about Section 15K
What have the courts held on Section 15K of the Securities and Exchange Board of India Act?
SEBI v. Saikala Associates Ltd. (with SEBI v. Shilpa Stock Brokers P. Ltd. & Mehta Vakil & Co.) (21 Apr 2009) is the leading judgment on this section among those set out below: s.15K Establishment of Securities Appellate Tribunals — SAT created under s.15K is a statutory tribunal whose appellate modify powers (s.15T) cannot invent penalties outside the s.12(3) suspension/cancellation scheme for broker registration breaches.
How do I find court cases under Section 15K of the Securities and Exchange Board of India 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: Sebi Act 15K, section 15K Sebi Act, section 15K of the Securities and Exchange Board of India Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with SEBI v. Saikala Associates Ltd. (with SEBI v. Shilpa Stock Brokers P. Ltd. & Mehta Vakil & Co.) (21 Apr 2009).
What should I read with Section 15K of the Securities and Exchange Board of India Act, and has it changed?
4 other provisions in this corpus refer back to it. 5 instruments name it without being made under it, most recently SEBI (Settlement Proceedings) Regulations, 2018 (2018), then Securities Appellate Tribunal (Procedure) Rules, 2000 (2000).
When did Section 15K of the Securities and Exchange Board of India Act come into force?
Section 15K of the Securities and Exchange Board of India Act, cited as Sebi Act 15K, came into force on 30 Jan 1992, having been enacted on 04 Apr 1992. It is in force as at the date shown on this page.
Other sections of this Act
- 11. Functions of Board1315 words
- 11C. Investigation1145 words
- 12. Registration of stock-brokers, sub-brokers, share transfer agents, etc678 words
- 28A. Recovery of amounts629 words
- 15U. Procedure and powers of the Securities Appellate Tribunal494 words
- 15D. Penalty for certain defaults in case of mutual funds464 words
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.