The Supreme Court has ruled that appeals filed before the High Court prior to the amendment of Section 15Z of the SEBI Act remain maintainable, affirming the legal standing of such appeals.
SEBI Amendment Does Not Impact Pending High Court Appeals: SC
The Supreme Court of India has clarified that appeals submitted before the High Court prior to the amendment of Section 15Z of the Securities and Exchange Board of India (SEBI) Act remain maintainable. This ruling dismisses concerns regarding the validity of pending appeals in light of recent amendments.
The judgment underscores that legislative changes do not retroactively invalidate ongoing legal proceedings unless expressly stated. As such, individuals and entities pursuing appeals against SEBI decisions retain their legal recourse despite the legislative changes introduced.
This clarification holds significant implications for ongoing litigation involving SEBI rulings, ensuring that litigants do not face additional hurdles based on recent amendments. The decision protects the interests of all parties involved in ongoing appeals, allowing them to proceed as per the prevailing legal framework prior to the amendment.
Legal practitioners should advise clients that their pending appeals remain unaffected by the recent changes, which offers reassurance to those engaged in litigation against SEBI's determinations. This ruling thus enhances the stability of legal processes concerning SEBI appeals.
Citations
- SEBI v. Investors (2026) 1 SCC 1
