If the appeal is pending with SAT and SEBI passes an order before the appeal is being disposed by SAT. 1. Can SAT set aside the order of SEBI and pass a new order ? 2. Isn't SEBI's power in the given case overlapping the powers of SAT. As SEBI is given more power in the given case than SAT. 3. Isn't this provision hindering the entire process of Adjudication, as we talk about the hierarchy it states: Adjudicating officer or SEBI --> SAT --> Supreme court. Then how come an aggrieved party involving SEBI in the case, is SEBI passing the order suo moto or as a resolution to the appeal of the aggrieved party?

As per provisions any person aggrieved by the decision of SEBI or adjudicating authority can file appeal to SAT. Hence, first SEBI will pass the order then appeal can be filed. Further SAT can set aside the order of SEBI. So, this provision is not hindering the process of Adjudication.

Answer given by Shubhamm Sir at 23-Mar-2023 04:35 PM

Kratika Arora ( Delhi )

Adjudication under SEBI Act 1992