Sebi's success rate before Securities Appellate Tribunal improves

During the 2022-23 financial year (FY23), the number of new appeals filed before the Securities Appellate Tribunal (SAT) increased significantly to 1,192, compared to 780 in FY22. Further, the number of disposals by the tribunal also saw a significant increase -- to 1,131 appeals from 715 disposals -- in FY22.

The market regulator’s success rate improved in absolute terms, given the increase in case load but remained exactly the same in percentage terms. Out of the 1,131 disposals, 606 appeals (53.6 per cent) were dismissed, up from 383 (53.6 per cent) in FY22.

Some of the important appeals heard by the tribunal during the year included the NSE Co-location matter, New Delhi Television (NDTV) and Satyam Computers. Sebi also has a higher success rate before the Supreme Court. Of the 73 cases which were completed during the year, 54 cases were disposed of in favour of Sebi, while 19 were against it.

Pending cases drop

The regulator saw a remarkable drop in the number of pending cases -- from 426 at the end of FY22 to just 160 in FY23. Of the 160, 43 were older than two years compared to 192 in FY22. About 59 were between one and two years, down from 81 in FY22 and 58 were less than a year compared to 153 in the year before.

During the year, the regulator received 386 applications for consent settlement, of which 185 were disposed of and the watchdog collected a settlement fee of Rs 126 crore, up from Rs 59 crore last year.