Appeal to the Securities Appellate Tribunal
Section 15T of the Securities and Exchange Board of India Act, 1992 deals with appeal to the Securities Appellate Tribunal. 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; The Act came into force on 30 Jan 1992.
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.]
Section 15T, 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.
-
Standard Chartered Bank v. Securities and Exchange Board of India
Court's Decision & Legal Precedent
DATE VERIFIED Final Order 2024-12-04 (order-4.pdf): Writ against SEBI “opinion” communications not entertained; challenge to the consequential SEBI order must proceed by statutory appeal under SEBI Act s.15T to SAT (with liberty/limitation indulgence for bona fide writ pursuit).
On this section: s.15T — appeal to SAT is the efficacious statutory remedy against SEBI orders; writ not a substitute for opinion letters / appealable orders.
-
ICICI Bank Ltd. v. Deputy General Manager, SEBI
Court's Decision & Legal Precedent
DATE VERIFIED Final Order 2023-07-21 (order-1.pdf): Explains scope of SEBI Act s.15T — substance over form for what counts as an appealable “order”, and “person aggrieved” by rights infringement; on facts, bank’s non-appeal to SAT was not fatal and SARFAESI enforcement was treated as a carve-out unaffected by the SEBI directions.
On this section: s.15T — appealability turns on binding/penal substance of SEBI directions and whether the challenger’s legal rights are infringed as a person aggrieved.
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.
-
… to the interpretation of Regulation 10 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997;<sup>3</sup> the power and exercise of the power by the Board under Regulations 44 read with 45 of the Takeover Regulations, 1997; and the power and jurisdiction of the Appellate Tribunal under Section 15T of the Securities and Exchange Board of India Act, 1992.<sup>4</sup> A. Background facts: I) Appeal No. 23 of 2013 (Sunil Krishna Khaitan's case) - 3. Khaitan Electrical Limited,<sup>5</sup> a company incorporated in 1975, listed on BSE Limited and National Stock Exchange Limited, is engaged in …
-
… to the interpretation of Regulation 10 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997;<sup>3</sup> the power and exercise of the power by the Board under Regulations 44 read with 45 of the Takeover Regulations, 1997; and the power and jurisdiction of the Appellate Tribunal under Section 15T of the Securities and Exchange Board of India Act, 1992.<sup>4</sup> A. Background facts: I) Appeal No. 23 of 2013 (Sunil Krishna Khaitan's case) - 3. Khaitan Electrical Limited,<sup>5</sup> a company incorporated in 1975, listed on BSE Limited and National Stock Exchange Limited, is engaged …
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.
Another 2 instruments name this provision in its title or its text without being made under it.
Questions about Section 15T
What have the courts held on Section 15T of the Securities and Exchange Board of India Act?
Standard Chartered Bank v. Securities and Exchange Board of India (04 Dec 2024) is the leading judgment on this section among those set out below: s.15T — appeal to SAT is the efficacious statutory remedy against SEBI orders; writ not a substitute for opinion letters / appealable orders. Another 1 judgment on this section is set out below. They run from 2023 to 2024.
How do I find court cases under Section 15T 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 15T, section 15T Sebi Act, section 15T of the Securities and Exchange Board of India Act. People searching for it also type section 15t of the securities and exchange board of india act 1992. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 2 reported judgments on this section are set out on this page, beginning with Standard Chartered Bank v. Securities and Exchange Board of India (04 Dec 2024).
What should I read with Section 15T of the Securities and Exchange Board of India Act, and has it changed?
6 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 Securities Appellate Tribunal (Procedure) Rules, 2000 (2000).
When did Section 15T of the Securities and Exchange Board of India Act come into force?
Section 15T of the Securities and Exchange Board of India Act, cited as Sebi Act 15T, 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 14 Oct 2026. This page is not a substitute for legal advice.