Section 20A of The Securities and Exchange Board of India Act, 1992
No order passed by the 4[Board or the adjudicating officer] under this Act shall be appealable except as provided in 5[section 15T or section 20] and no civil court shall have jurisdiction in respect of any matter which the 4[Board or the adjudicating officer] is empowered by, or under, this Act to pass any order 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 order passed by the 4[Board or the adjudicating officer] by, or under this Act.]
Summary
- You cannot challenge orders made by the Board or an adjudicating officer in a regular civil court.
- Appeals against these orders can only be made through the specific legal paths allowed by the Act, specifically Section 15T or Section 20.
- Civil courts are completely blocked from taking jurisdiction over any matter that the Board or the adjudicating officer is legally authorized to handle.
- Courts and other authorities are also banned from issuing injunctions to stop or delay actions being taken under this Act.
Practical examples
FAQ
1. Can I sue the Board in my local civil court to stop a penalty?
No, civil courts do not have jurisdiction over matters the Board is empowered to handle.
2. How can I appeal a decision if civil courts are blocked?
You must use the specific appeal processes provided within the Act, such as Section 15T or Section 20.
3. Can a civil court issue an injunction to pause a Board investigation?
No, the law specifically prevents any court or authority from granting an injunction against actions taken under this Act.
Test yourself
Q1.Under Section 20A of The Securities and Exchange Board of India Act, 1992, which two provisions contain the only acceptable paths to appeal an order passed by the Board or an adjudicating officer?
Q2.Under Section 20A of The Securities and Exchange Board of India Act, 1992, how does this section limit the power of civil courts regarding actions taken under the Act?
Q3.Under Section 20A of The Securities and Exchange Board of India Act, 1992, which cross-reference determines where you file an appeal for a Board order made after the 1999 amendment?
Q4.Under Section 20A of The Securities and Exchange Board of India Act, 1992, what happens if an individual tries to bypass the adjudicating officer by filing a civil suit to determine a penalty?