In Brief
In this case, the Supreme Court clarified the scope of appellate jurisdiction under the Securities Exchange Board of India Act, 1992. The Court held that the Securities Appellate Tribunal can hear appeals only against quasi-judicial orders of SEBI or its officers, not against administrative circulars or legislative regulations. The impugned circular restricting depository charges was an administrative order under Section 11(1), therefore outside the Tribunal's jurisdiction. The Court distinguished quasi-judicial orders (which require legal authority to determine rights after due process) from administrative orders (which regulate matters under policy discretion). The judgment overturned the Tribunal's broader interpretation and allowed the preliminary objection, while permitting challenges to such circulars through judicial review.
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