A Guide to the Securities Appellate Tribunal (Procedure) Rules, 2000

3 min read

The Securities Appellate Tribunal (Procedure) Rules, 2000 govern the functioning of the Securities Appellate Tribunal of India.

Brief History of the Rules

The Securities Appellate Tribunal (Procedure) Rules, 2000 were made by the Central Government under the power granted under Section 29 read with Sections 15T and 15U of the SEBI Act, 1992.

Download the Rules
Securities Appellate Tribunal (Procedure) Rules, 2000

Download the Related Act
Securities and Exchange Board of India Act, 1992

List of Amendments

• Securities Appellate Tribunal (Procedure) (Amendment) Rules, 2000
• Securities Appellate Tribunal (Procedure) (Amendment) Rules, 2003
• Securities Appellate Tribunal (Procedure) (Amendment) Rules, 2005

---

1. Important Definitions

Act means the Securities and Exchange Board of India Act, 1992.

Adjudicating Officer means an officer appointed under Section 15(1) of the SEBI Act, 1992.

Appeal means an appeal preferred under Section 15T(1) of the SEBI Act, 1992.

Appellate Tribunal means the Securities Appellate Tribunal established under Section 15K of the SEBI Act, 1992.

Member means the Member of the Securities Appellate Tribunal appointed under Section 15L of the SEBI Act, 1992

Party means a person who prefers an appeal before the Appellate Tribunal and includes the respondent.

Presiding Officer means the Presiding Officer of the Securities Appellate Tribunal appointed under Section 15L of the SEBI Act, 1992.

Registrar means the Registrar of the Appellate Tribunal and includes an officer of such Appellate Tribunal who is authorised by the Presiding Officer to function as Registrar. 

---

2. Procedures and Repeal

1. Every appeal has to be filed within a period of 45 days from the date of receipt of order by SEBI or the adjudicating officer established under the SEBI Act, 1992.
2. Every appeal has to be presented in writing in either English or Hindi along with 5 sets of the petition or more depending on the number of respondents in the case.
3. The Registrar is empowered to endorse every appeal after scrutiny and an appeal can also be filed against the Registrar’s rejection order within 15 days of receipt of such order to the Presiding Officer or to the authorised Member if the Presiding Officer is absent.
4. After the respondent is served, the respondent is supposed to file 5 sets of reply to the appeal within 1 month of service of notice and the appeal petitions filed by the appellant.
5. A dress code has also been prescribed by the Rules. The dress of the Presiding Officer has to be white or striped or black pant with black coat over white shirt and band or buttoned up black coat and band. The dress for the two other Members has to be white or striped or black pant with black coat over white shirt and black tie or buttoned up black coat. In the case of a female Presiding Officer or a Member, the dress has to be black coat over a white saree.
6. Every order of the Appellate Tribunal has to be signed and dated by the Presiding Officer and the two other members. The Presiding Officer has powers to pass interim orders or injunctions, subject to reasons to be recorded in writing, which it considers necessary in the interests of justice.
7. A certified copy of every order passed by the Appellate Tribunal has to be communicated to the Board, the Adjudicating Officer and to the parties.
8. The rules provide for fees to be paid for inspection of records and obtaining copies. A fee of INR 20 per hour subject to a minimum of INR 100 is charged for inspection of records.
9. The Securities Appellate Tribunal (Procedure) Rules, 2000 have repealed the Securities and Exchange Board of India Appellate Tribunal (Procedure) Rules, 1995.

---

3. Functions and Duties of Registrar

The Registrar discharges duties and functions under the direct supervision of the Presiding Officer and in the absence of the Presiding Officer, the Registrar discharges duties and functions under the supervision of the authorised Member. The functions and duties are listed below-

1. Maintain custody of the records of the Appellate Tribunal
2. Maintain custody of the official seal of the Appellate Tribunal
3. Power to grant permission to affix official seal of the Appellate Tribunal on a certified copy
4. Receive all appeals, replies and other documents
5. Decide all questions arising out of the scrutiny of the appeal before they are registered
6. Require any appeal presented to the Appellate Tribunal to be amended in accordance
   with the rules
7. Direct any formal amendment or records
8. Order grant of copies of documents to parties to proceedings
9. Grant leave to inspect the record of the Appellate Tribunal
10. Dispose of all matters relating to the service of notices or other processes, application for the issue of fresh notice or for extending the time for or ordering a particular method of service on a respondent including a substituted service by publication of the notice by way of advertisement in the newspapers
11. Requisition records from the custody of any court or other authority.

---

---