Securities Appellate Tribunal
The statutory tribunal that hears appeals against orders of SEBI and certain other financial regulators.
How it is identified
Test: an appeal is filed against an order of SEBI, an exchange, a depository, the pension regulator or the insurance regulator, within the prescribed period
Unit
qualitative
In depth
The tribunal provides an independent check on the regulator, and its judgments have repeatedly narrowed or overturned SEBI orders, which is why its rulings are a substantive source of securities law rather than a formality. Appeals from its decisions go to the Supreme Court on questions of law. Its existence matters to investors because it means a SEBI order is not final, and enforcement outcomes can take years to settle. Reading its orders is the most direct way to understand how regulations are actually interpreted, as opposed to how they are drafted.
Worked example
SEBI bars a person and orders disgorgement; the tribunal sets aside the disgorgement while upholding the bar. Both the original order and the appeal outcome are public, and only reading both gives the settled position.
Illustrative figures, chosen so the arithmetic is easy to follow. Not a live price and not a valuation of any company.
Educational reference only
This entry explains what “Securities Appellate Tribunal” means. It is not investment advice and not a recommendation to buy or sell any security. Any numbers above are illustrative, not live prices, and nothing here predicts price direction or rates a stock. Consider your own circumstances and consult a SEBI-registered investment adviser before acting.