Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of Section 15K of the SEBI Act, 1992 to hear and dispose of appeals against orders passed by SEBI or by an adjudicating officer under the Act and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under SEBI Act or any other law for the time being in force. Any Securities Market intermediary/person aggrieved by an order of an adjudicating officer/SEBI has a right to appeal to Securities Appellate Tribunal (SAT). The appeal must be filed within a period of 45 days from the date of receipt of the order by the adjudicating officer/SEBI. The SAT can entertain an appeal after the expiry of 45 days for sufficient cause. It can confirm/modify/set aside the order appealed against within six months from the date of receipt of appeal.