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Section 21A of the SCRA gives the right to appeal to the Securities Appellate Tribunal against a delisting decision of a recognised stock exchange. What is the initial limitation period for filing such an appeal, and what is the extension power of the SAT?
Answer & Solution
Correct answer: A.
1. Section 21A regulates delisting by recognised stock exchanges.
2. A listed company or aggrieved investor may appeal to SAT against a delisting decision.
3. The initial limitation period is fifteen days from the date of the exchange's decision.
4. If sufficient cause is shown, SAT may admit the appeal within a further period not exceeding one month.
5. The thirty-day, sixty-day and seven-day windows are not the SCRA figures.
_Source: ICSI CS Executive Paper 6 (Securities Laws and Capital Markets) — Lesson 1: Securities Contracts (Regulation) Act, 1956, pp. 4-21._
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