 "The logo of the Securities and Exchange Board of India (SEBI), India's market regulator, is seen on the facade of its head office building in Mumbai")
Capital markets regulator Sebi today said its success rate on appeals filed before the Securities Appellate Tribunal (SAT) against its orders have reached a record high level of 90 per cent.
Giving details in its latest annual report released today, Sebi said 520 appeals were filed before SAT during 2014-15, whereas 103 appeals were dismissed and 381 appeals were pending as on March 31, 2015.
"During 2014-15, 16 Sebi orders were upheld with changes," the regulator said.
As per the Sebi Act, the orders passed by the regulator can be appealed before SAT, while the Tribunal's orders can be further challenged before the Supreme Court.
"The success rate in Securities Appellate Tribunal for 2014-15 stood at 90 per cent compared to 88 per cent in 2013-14," Sebi said, while adding that appeals remanded are not considered for calculation of Success Rate.
Giving details of previous years, Sebi said the success rate was 70 per cent in the year 2012-13 and at 78 per cent in 2011-12.
Against SAT's orders, five appeals were filed by Sebi, whereas 31 appeals were filed against Sebi in the Supreme Court during 2014-15.
Nine appeals were disposed where the appeals were filed by Sebi, while 25 appeals were disposed where the appeals were filed against Sebi.
On various litigations, appeals and court verdicts, Sebi said 237 cases were filed during the last fiscal in different courts, 131 cases were disposed and cumulative 856 cases were pending where Sebi is a party as on March 31.
While 56 cases filed belonged to the miscellaneous category, 22 cases related to investor complaints and 63 cases pertained to CIS.
Of the 131 cases disposed, 47 pertained to CIS, 35 were miscellaneous and 16 related to investor complaints.
As on March 31, 2015, the highest number of cases were pending in the miscellaneous category followed by investor complaint cases, CIS matters and cases related to issue and listing.
"During 2014-15, of the 229 cases filed across various judicial forums, 163 cases were filed in the High Court, followed by 23 in BIFR/AAIFR and 17 in the Supreme Court.
"The cases disposed at various high courts were the highest at 83 and that in the Supreme Court and consumer forums were 20 and 10, respectively.
"As on March 31, 2015, 856 cases were pending at different stages in the judicial fora with the highest number of pending cases in the high courts (546), followed by consumer forums (95).
