M/S. Nile Limited vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 25/09/2017

Appeal No.259 of 2017

M/s. Nile Limited Plot No.38 & 40, APIIC Industrial Park, Gajulamandyam Village, Renigunta Mandal, Tirupati, Chittoo Dist. Andhra Pradesh - 517 520. ... Appellant

Versus

BSE Limited Floor 25, P.J. Towers, Dalal Street, Mumbai - 400 001. ... Respondent

Ms. Aasifa Khan, Advocate for the Appellant.

Mr. P.N. Modi, Senior Advocate a/w Mr. Vivek Shetty and Mr. Hridhay Khurana, Advocates i/b AZB & Partners for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member

Per : Justice J.P. Devadhar (Oral)

1.

This appeal is filed to challenge the circulars issued by the Bombay

Stock Exchange ("BSE" for short).

2. The Apex Court in the case of NSDL vs. SEBI reported in (2017) 5 SCC

517 has held that the administrative circulars issued by the Securities and

Exchange Board of India ("SEBI" for short) under the SEBI Act cannot be

subject-matter of appeal under Section 15T of SEBI Act. 2

3. Although Counsel for the appellant has submitted that the aforesaid

decision rendered in the context of the circular issued by SEBI which is an

autonomous body would not be applicable to the case of BSE, in our opinion,

the ratio laid down by the Apex Court in the aforesaid case would equally

apply to the present case where the circulars of BSE are challenged.

4. Accordingly, in view of the decision of the Apex Court in the case of

NSDL (supra), we hold that the appeal filed to challenge the administrative

circulars of BSE is not maintainable before this Tribunal.

5. Accordingly, the appeal is dismissed with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Dr. C.K.G. Nair Member

25/09/2017 Prepared & compared by-dg