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6 [110. Appeal to Securities Appellate Tribunal.-

(1) Any person aggrieved-

(a) by an order of the Authority made on and after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), or under this Act, the rules or regulations made thereunder; or

(b) by an order made by the Authority by way of adjudication under this Act, may prefer an appeal to the Securities Appellate Tribunal having jurisdiction in the matter.

(2) Every appeal made under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order made by the Authority is received by him and it shall be in such a form and be accompanied by such fees as may be prescribed: Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period.

(3) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit, conforming, modifying or setting aside the order appealed against.

(4) The Securities Appellate Tribunal shall make available copy of order made by it to the Authority and parties.

(5) The appeal filed before the Securities Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of appeal.

(6) The procedure for filing and disposing of an appeal shall be such as may be prescribed.

(7) The provision contained in section 15U, section 15V, section 15W, section 15Y and section 15Z of the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall apply to the appeals arising out of the provisions of this Act, as they apply to the appeals under the Securities and Exchange Board of India Act, 1992 (15 of 1992).]

1. Clause (a) omitted by Act 5 of 2015, s. 91 (w.e.f. 26-12-2014).

2. Clause (b) omitted by s. 91, ibid. (w.e.f. 26-12-2014).

3. The words "or a provident society" omitted by s. 91, ibid. (w.e.f. 26-12-2014).

4. Clause (f) omitted by s. 91, ibid. (w.e.f. 26-12-2014).

5. Subs. by s. 93, ibid., for section 109 (w.e.f. 26-12-2014).

6. Subs. by s. 94, ibid., for section 110 (w.e.f. 26-12-2014).

Insurance Act, 1938 Back

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