NATIONAL SECURITIES DEPOSITORY LTD. vs SECURITIES AND EXCHANGE BOARD OF INDIA

The Supreme Court addressed whether an administrative circular issued by SEBI under Section 11(1) of the Securities Exchange Board of India Act, 1992, is appealable under Section 15T of the same Act. The Court held that appeals under Section 15T are limited to quasi-judicial orders, thus rejecting the Securities Appellate Tribunal's broader interpretation that included administrative and legislative orders. Consequently, the appeal by SEBI against the Tribunal's rejection of the preliminary objection was upheld, and the merits of the case were not examined further.