Tribunals

Memorandum of Appeal under Section 15T of the SEBI Act 1992

A Memorandum of Appeal is the initiating pleading filed by an aggrieved person to challenge an order before the Securities Appellate Tribunal (SAT). It sets out the facts of the case, the specific grounds of challenge, and the relief sought from the Tribunal.

This appeal is filed under Section 15T of the Securities and Exchange Board of India Act, 1992, read with the Securities Appellate Tribunal (Procedure) Rules, 2000. It is presented in Form A before the SAT’s principal bench in Mumbai or the bench having jurisdiction.

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Governing law
SEBI Act 1992 s.15T; Securities Appellate Tribunal (Procedure) Rules 2000, rr.4-7
Sections
s. Section 15T, Securities and Exchange Board of India Act, 1992s. Securities Appellate Tribunal (Procedure) Rules 2000, Rule 4s. Securities Appellate Tribunal (Procedure) Rules 2000, Rule 5s. Securities Appellate Tribunal (Procedure) Rules 2000, Rule 7
Filed before
Securities Appellate Tribunal (SAT)

When this is the right filing

  • When you are aggrieved by an order of the Securities and Exchange Board of India (SEBI) or its Adjudicating Officer.
  • When you are aggrieved by an order of a recognised stock exchange or any other authority appealable under Section 15T of the SEBI Act.
  • When you need to challenge the order on facts and law by setting out concise grounds under distinct heads.
  • Do not use this document for an appeal against an order that is not specifically made appealable under Section 15T of the SEBI Act.

What the court looks for

  • A clear identification of the order being challenged, including its date and the authority that passed it.
  • A concise statement of facts relevant to the dispute, presented without argument or narrative.
  • Grounds of appeal set out under distinct, numbered heads that challenge the order's legality or factual basis.
  • A specific prayer for interim relief, if any, and the final reliefs sought from the Tribunal.
  • A verifying affidavit sworn by the appellant, confirming the truth of the contents of the memorandum.

The structure the court expects

The components of the filed format, in the order they appear. LexPilot fills every one of them from your facts and papers.

  1. 1Particulars of the appeal
  2. 2Statement of facts
  3. 3Grounds of appeal
  4. 4Interim relief
  5. 5Relief(s) sought
  6. 6Verifying affidavit

Frequently asked questions

What is the limitation period for filing this Memorandum of Appeal?

The appeal must be filed within 45 days from the date of receipt of the order being challenged. The Securities Appellate Tribunal has the power to condone a delay in filing if the appellant demonstrates sufficient cause for not filing within the prescribed period.

How should the grounds of appeal be drafted?

Under Rule 7 of the SAT Procedure Rules, 2000, the grounds must be set out concisely under distinct, numbered heads. They should state the legal and factual basis for the challenge without launching into lengthy arguments or a narrative format.

Where is this appeal filed and what is the prescribed form?

The appeal is filed at the principal bench of the Securities Appellate Tribunal in Mumbai, or at a bench having jurisdiction over the matter. It must be presented in Form A as prescribed under Rule 4 of the Securities Appellate Tribunal (Procedure) Rules, 2000, along with the prescribed fee.

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