Section 23F of DA, 1996 : Section 23F: Appeal To Supreme Court

Explanation using Example

Imagine a scenario where a stockbroker is penalized by the Securities and Exchange Board of India (SEBI) for not complying with certain regulations. The broker appeals to the Securities Appellate Tribunal (SAT), but the SAT upholds the penalty. The broker believes that the SAT has misinterpreted the law in its decision. Under Section 23F of the Depositories Act, 1996, the broker has the right to appeal to the Supreme Court against SAT's decision. The broker must file this appeal within sixty days of receiving the SAT's decision. However, if the broker is unable to file the appeal within sixty days due to a valid reason, such as a medical emergency, the Supreme Court has the discretion to allow the appeal to be filed within an additional sixty days.