Section 15Y of The Securities and Exchange Board of India Act, 1992
No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which an adjudication officer appointed under this Act or a Securities Appellate Tribunal constituted under this Act is empowered by or under this Act to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act.
Summary
- Normal civil courts are not allowed to handle cases about matters that an adjudicating officer or the Securities Appellate Tribunal has the power to decide under this law.
- Courts and other authorities are also banned from issuing injunctions (which are orders to stop an action) against anything done or planned to be done under the powers of this Act.
Practical examples
FAQ
1. Can I take my securities penalty case to a regular civil court if I do not like the adjudicating officer's decision?
No, regular civil courts do not have the power to hear these cases. You must use the specific appeal process set up under the Act.
2. What is an injunction, and why can a court not grant one here?
An injunction is a court order that forces someone to stop doing a certain action. Civil courts cannot grant them in these cases because the law explicitly protects actions taken under the Act from being delayed or blocked by regular courts.
3. Does this rule apply to all types of legal disputes?
No, this restriction only applies to matters that an adjudicating officer or the Securities Appellate Tribunal is specifically given the power to decide under this Act.
Test yourself
Q1.Under Section 15Y of The Securities and Exchange Board of India Act, 1992, what type of legal body is specifically blocked from handling matters that fall under the authority of an adjudicating officer?
Q2.Under Section 15Y of The Securities and Exchange Board of India Act, 1992, how does the law treat requests for injunctions against actions taken under the Act?
Q3.Under Section 15Y of The Securities and Exchange Board of India Act, 1992, which two authorities have their decision-making areas protected from regular civil court interference?
Q4.If a person wants to challenge a decision made by an adjudicating officer under The Securities and Exchange Board of India Act, 1992, what does Section 15Y of the Act tell them about their options?