How to Appeal to the Securities Appellate Tribunal (SAT) (2026)
How to appeal a SEBI or stock exchange order to the Securities Appellate Tribunal (SAT): the time limit, the format, a stay of the order, the further appeal to the Supreme Court, and how to track the matter. Last verified October 2026.
How-To Guide · Securities Appeals
When SEBI, an adjudicating officer, or a stock exchange passes an order against you, for example a penalty, a ban from the securities market, or a disciplinary order, you can appeal to the Securities Appellate Tribunal, the SAT. It is a specialised tribunal at Mumbai that hears appeals in securities matters. The appeal is filed under Section 15T of the SEBI Act, 1992. There is a short time limit, a prescribed form, and a right to ask for a stay. A further appeal lies to the Supreme Court on a question of law. This guide covers each step and how to track the appeal. Last verified October 2026.
- Where: the Securities Appellate Tribunal (SAT) at Mumbai, under Section 15T of the SEBI Act, 1992.
- Time limit: 45 days from receiving the order, with delay condonable for sufficient cause.
- Stay: you can ask SAT to stay a penalty or ban, sometimes on a part deposit.
- Further appeal: to the Supreme Court under Section 15Z on a question of law, within 60 days (up to 60 more if condoned).
01What SAT hears
The Securities Appellate Tribunal hears appeals against orders in the securities and related financial space. The main ones are:
- orders of SEBI and of a SEBI adjudicating officer, under Section 15T of the SEBI Act, 1992;
- orders of a stock exchange or other recognised body, where an appeal to SAT is provided;
- certain orders under the Depositories Act, 1996; and
- certain orders under the PFRDA and IRDAI frameworks, where the law routes appeals to SAT.
Typical subjects are monetary penalties, restraint or debarment orders, and disciplinary action against intermediaries. For a common example of the underlying conduct, see SEBI and insider trading.
02Time limit to appeal
You must file the appeal within 45 days from the date you receive a copy of the order under appeal. This is short, so act quickly once the order reaches you.
Late appeals can be allowed
SAT may entertain an appeal filed after 45 days if it is satisfied that there was sufficient cause for not filing in time. You do this by filing an application to condone the delay, with an affidavit explaining the reason.
For a usable format of such an application, see the condonation of delay application format.
03Format and fee
The appeal is filed in the form prescribed under the Securities Appellate Tribunal (Procedure) Rules, 2000, with the prescribed fee. The memorandum of appeal usually contains:
- the details of the appellant and the respondent (SEBI or the authority that passed the order);
- the order appealed against, with its date and a copy annexed;
- a concise statement of facts;
- the grounds of appeal; and
- the relief sought, with a verification and an affidavit.
SAT also allows e-filing. Confirm the current fee and filing method on the SAT website before you file.
04Asking for a stay
Along with the appeal you can ask SAT to stay the order while the appeal is heard, for example to hold off a penalty recovery or a ban. SAT decides a stay on the usual tests: whether you have a strong case, the balance of convenience, and the harm you would suffer without a stay.
Where a penalty is involved, SAT may require you to deposit part of the amount as a condition of the stay. So be ready to show why the order should be held in suspense and, if asked, to make a deposit.
05Further appeal to the Supreme Court
If you are aggrieved by the SAT order, you can appeal to the Supreme Court under Section 15Z of the SEBI Act, but only on a question of law. You cannot re-argue the facts there.
The time limit is 60 days from the date the SAT order is communicated to you. The Supreme Court can allow a further period of up to 60 days if you were prevented by sufficient cause from filing in time. So the full outer window, with condonation, is up to 120 days, but the base limit is 60 days.
06Tracking a SAT appeal
A SAT appeal moves through admission, the respondent reply, arguments and the order, often quickly compared with a regular court. Follow it by the appeal number and party name on the SAT cause list and orders page.
If your matter started from an investor grievance through the SCORES system rather than a SEBI order, the route can differ; see how to file a SEBI SCORES and SAT appeal.
07Where Claw fits
Claw is an all-in-one legaltech platform for Indian advocates, law firms, and corporate legal teams, combining AI-based case search, an AI legal assistant (Legal GPT), case management, and compliance automation across all Indian courts and tribunals.
A securities appeal turns on how SAT and the Supreme Court have read the same penalty provision, the insider trading rules, or a debarment power. Claw lets you search 30 crore+ judgments, with Supreme Court decisions from 1950 and High Court decisions from 1990, to find rulings on the point, in under 5 seconds. It also tracks cases, orders and hearings across 9,102 courts, benches and forums, so you can follow a SAT or Supreme Court matter by party name. Claw does not use your case documents to train its AI models.
Create a FREE Claw account to track your SAT appeal by party name and find rulings on the point, using case search across Indian courts, or search the Securities Appellate Tribunal directly.
08Sources and further reading
- India Code (SEBI Act, 1992, Sections 15T and 15Z): indiacode.nic.in
- Securities Appellate Tribunal (official): sat.gov.in
- SEBI (orders): sebi.gov.in
- Claw: clawlaw.in
This guide is general information, not legal advice. Fees and procedure can change, so confirm the current rules and take advice from an advocate before you file.
09Frequently asked questions
How do I appeal a SEBI order?
File an appeal before the Securities Appellate Tribunal under Section 15T of the SEBI Act, 1992, within 45 days of receiving the order, in the form under the SAT (Procedure) Rules, 2000, with the fee, the grounds and a copy of the order, and ask for a stay if needed.
What is the time limit to appeal to SAT?
Forty-five days from the date you receive a copy of the order. SAT can allow a late appeal if you show sufficient cause for the delay.
Can SAT stay a SEBI penalty or ban?
Yes. You can ask for an interim stay while the appeal is heard. SAT weighs your case, the balance of convenience and the harm to you, and where a penalty is involved it may require a part deposit as a condition of the stay.
Can I appeal a SAT order?
Yes, to the Supreme Court under Section 15Z of the SEBI Act, but only on a question of law, within 60 days of the SAT order, extendable by up to 60 more days for sufficient cause.
What orders does SAT hear appeals from?
Orders of SEBI and its adjudicating officers, certain stock exchange and recognised body orders, and appeals under the Depositories Act and the PFRDA and IRDAI frameworks where the law routes them to SAT.
Where is SAT located?
The Securities Appellate Tribunal is based at Mumbai and hears securities appeals from across India.