Sebi circulars cannot be challenged in SAT, rules Supreme Court

In a move that might ease the judicial load on the market regulator, the Supreme Court has ruled that the circulars issued by the Securities and Exchange Board of India (Sebi) cannot be challenged before the Securities and Appellate Tribunal (SAT).

Circulars, which could be administrative orders, were not necessarily quasi-judicial and hence could not be appealed in SAT, the apex court said, while pronouncing an order in the case between Sebi and National Depository Services Ltd (NDSL).

SAT is a quasi-judicial body that hears appeals against orders given by Sebi.

“Administrative orders such as circulars issued under the present case referable to