36. (1) Any person aggrieved by an order made by the Authority or by an adjudicating
officer under this Act may prefer an appeal before the Securities Appellate Tribunal which
shall have jurisdiction over the matter.
(2) Every appeal under sub-section (1) shall be filed within a period of forty-five days
from the date of receipt of the order appealed against and it shall be in such form and manner
and shall be accompanied by such fee as may be prescribed:
Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry
of the said period, if it is satisfied that there was sufficient cause for not preferring the appeal
within that period.
(3) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal
may, after giving the parties to the appeal, an opportunity of being heard, pass such orders
thereon as it thinks fit, confirming, modifying or setting aside the order appealed against.
(4) The Securities Appellate Tribunal shall send a copy of every order made by it to the
Authority, the parties to the appeal and to the adjudicating officers concerned.
(5) The appeal filed before the Securities Appellate Tribunal under sub-section (1)
shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to
dispose of the appeal finally within six months from the date on which the appeal is presented
to it.
(6) Without prejudice to the provisions of sections 15T and 15U of the Securities and
Exchange Board of India Act, 1992, the Securities Appellate Tribunal shall deal with an
appeal under this section in accordance with such procedure as may be prescribed.