When a recognized stock exchange denies listing securities of a company, the company retains the right to appeal to SAT the Securities Appellate Tribunal . This appeal must be initiated within 15 days from the date of refusal. If the stock exchange fails to communicate its decision within the specified time, the appeal can be lodged within 15 days from the end of the specified period.
Upon receiving the appeal, SAT has the authority to review and potentially overturn the stock exchange’s decision. Each appeal must adhere to prescribed format and be accompanied by the requisite fee. SAT is obligated to share a copy of its order with SEBI and all parties involved in the appeal process.
Efforts are made by SAT to handle appeals promptly, aiming for a final resolution within six months from the date of appeal submission.