If a SEBI order has gone against you, you can appeal to the Securities Appellate Tribunal in Mumbai under Section 15T of the SEBI Act 1992, within 45 days of receiving the order. SAT also hears appeals against orders of the SEBI Adjudicating Officer. A consent or settlement order cannot be appealed.
If you are short on time, jump to the Eligibility at a glance table below, then check the 45 day clock before doing anything else.
The Securities Appellate Tribunal (SAT) is a statutory tribunal seated in Mumbai. It is the dedicated forum for challenging SEBI action, so you do not go to a civil court or a High Court writ as a first step. Besides SEBI matters, SAT also hears appeals under the IRDAI and PFRDA laws, which is why it is the single securities and financial-regulator appeals body.
People reach SAT after a wide range of SEBI orders: a penalty from an Adjudicating Officer, a debarment from the securities market, a direction to refund investors, or an order in a settlement that the person believes was wrongly rejected. The common thread is that the order is a SEBI order and the 45 day window has started running from the day the copy was received.
| Question | Answer |
|---|---|
| Who can appeal? | Any person aggrieved by an order of SEBI or of the SEBI Adjudicating Officer. |
| Against which orders? | Orders of SEBI and of its Adjudicating Officer. Not consent or settlement orders passed with the parties agreement. |
| Time limit | Within 45 days from the date you receive a copy of the SEBI order. |
| Delay allowed? | Yes. SAT may condone delay if satisfied there was sufficient cause. |
| Where is it filed? | Securities Appellate Tribunal, Mumbai. |
| Fee | The filing fee prescribed under the SAT procedure rules, paid with the appeal form. |
This is the path an appeal travels, from the SEBI order up to the Supreme Court.
| Stage | What happens | Time limit |
|---|---|---|
| 1. SEBI order | SEBI or its Adjudicating Officer passes the order against you. | Clock starts when you receive the copy. |
| 2. Appeal to SAT | File the appeal in the prescribed form with the fee. | Within 45 days, delay condonable for sufficient cause. |
| 3. SAT hearing | SAT follows natural justice, not the strict civil procedure code. | SAT endeavours to dispose within 6 months. |
| 4. SAT order | SAT confirms, modifies or sets aside the SEBI order. | |
| 5. Appeal to Supreme Court | Further appeal under Section 15Z, only on a question of law. | Within 60 days, a further 60 days allowed for sufficient cause. |
The procedure is form-driven and built around the 45 day clock. Move quickly so that condonation is never an issue.
SAT is not bound by the strict Code of Civil Procedure. It follows the principles of natural justice, which means a fair hearing and a reasoned order rather than rigid civil-court formality. SAT is also expected to endeavour to dispose of the appeal within 6 months, which makes it faster than ordinary litigation.
You appeal because you are a person aggrieved by the order, not merely unhappy with it. Strong grounds usually fall into a few groups.
Note: no appeal lies to SAT against an order passed with the consent of the parties, such as a settlement order. If you agreed to the terms, you generally cannot turn around and appeal them.
This is the confusion that costs people their 45 days. SAT and SCORES solve different problems.
SCORES is SEBI online complaint system for investor grievances against listed companies and market intermediaries, for example a delayed refund or a non-receipt of shares. It is a redress channel run by SEBI.
A SAT appeal is a statutory challenge to a SEBI order itself. If you are fighting a penalty, a debarment or a direction that SEBI imposed on you, SCORES cannot help and the clock under Section 15T keeps running. File the SAT appeal; do not lodge a SCORES complaint instead.
For how appeals work in another regulatory setting, see the related guide on the income tax appeal to the CIT Appeals. For the underlying law, consult the RTI and statute reference. A deeper walkthrough of citizen appeals sits in The RTI Playbook.
You have 45 days from the date you receive a copy of the SEBI order. The clock runs from receipt, not from the date the order was signed. If you miss the window, SAT may still condone the delay where you show sufficient cause, so file a delay-condonation application along with the appeal rather than giving up.
No. No appeal lies to SAT against an order passed with the consent of the parties, which includes a settlement order. By agreeing to settle, you accept the terms, so the appeal route under Section 15T is not available against that order.
SAT is expected to endeavour to dispose of the appeal within 6 months. It is not bound by the strict Code of Civil Procedure and follows the principles of natural justice, so hearings are focused on a fair, reasoned decision. Actual timing depends on the complexity of the matter and the cause list.
Yes. A further appeal lies from SAT to the Supreme Court under Section 15Z, but only on a question of law. You must file within 60 days of the SAT order. The Supreme Court may allow a further 60 days if you show sufficient cause for the delay.
No. SAT is seated in Mumbai and hears appeals against orders of SEBI and of the SEBI Adjudicating Officer, and it also hears appeals under the IRDAI and PFRDA laws. For a SEBI order, your appeal is specifically under Section 15T of the SEBI Act 1992.
There is no statutory bar to appearing yourself, since SAT follows natural justice rather than rigid civil-court rules. In practice, securities matters turn on fine points of law and procedure, so most appellants are represented. Either way, file the correct form with the fee inside the 45 day window.