JUDGMENT - SHAH A.P., J.: - We have heard the learned Counsel appearing for the parties extensively on the issue as to whether section 15-Z of The Securities and Exchange Board of India Act, 1992, (for short 'SEBI Act') as amended by The Securities and Exchange Board of India (Amendment) Act, 2002, is prospective or retrospective in operation. The amended section 15-Z came into force with effect from 29-10-2002. The maintainablity of the above appeals has been questioned having regard to the said amendment to section 15-Z of the SEBI Act. SEBI Appeal Nos. 1 and 9 of 2002 were filed much prior to the coming into force of the amended section 15-Z. SEBI Appeal Nos. 10 of 2002 and 1 of 2003, however, have been filed after the amendment was brought into force though the orders impugned in both the appeals were passed before the amendment. The question is whether an appeal would lie to the High Court after the commencement of the amended section 15-Z. There is also an issue as to whether pending appeals which were filed under old section 15-Z will not survive in view of the amending Act.

2. To appreciate the rival contentions of the parties with regard to the above issues it is necessary to refer to relevant provisions of the Act as they stood prior to the amendment to the SEBI Act by amending Act. The unamended section 15-L lays down the composition of Securities Appellate Tribunal as follows:

"15-L. Composition of Securities Appellate Tribunal.-A Securities Appellate Tribunal shall consist of one person only (hereinafter referred to as the Presiding Officer of the Securities Appellate Tribunal) to be appointed by notification by the Central Government."

Section 15-T which provided for appeal to the Securities Appellate Tribunal reads as follows :

"15-T. Appeal to the Securities Appellate Tribunal.-(1) Save as provided in sub-section (2), any person aggrieved-

(a) by an order of the Board made on or after the commencement of the Securities Laws (Second Amendment) Act, 1999, under this Act, or the Rules or Regulations made thereunder, or

(b) by an order made by an adjudicating officer under this Act, may prefer an appeal to Securities Appellate Tribunal having jurisdiction in the matter..."

Section 15-Z which provided for a further appeal to High Court reads as follows:

"15-Z. Appeal to High Court.-Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the securities Appellate Tribunal to him on any question of fact or law arising out of such order."

After amendment sections 15-L, 15-T and 15-Z read as follows:

15-L Composition of Securities Appellate Tribunal.-A Securities Appellate Tribunal shall consist of a Presiding Officer and two other members, to be appointed by notification by the Central Government. Provided that the Securities Appellate Tribunal, consisting of one person only, established before the commencement of the Securities and Exchange Board of India (Amendment) Act, 2002 shall continue to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force till two other members are appointed under this section.

15-T. Appeal to the Securities Appellate Tribunal.-(1) Save as provided in sub-section (2), any person aggrieved-

(a) by an order of the Board made on or after the commencement of the Securities Laws (Second Amendment) Act, 1999, under this Act, or the Rules or Regulations made thereunder, or

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

15-Z. Appeal to Supreme Court.-Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within sixty days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any q

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