The Supreme Court (SC) of India in National Securities Depository Ltd. v. SEBI has ruled that any action taken by the Securities and Exchange Board of India (Sebi) in its administrative and legislative capacity cannot be appealed at the Securities Appellate Tribunal (SAT). This means that one cannot approach SAT against a circular passed by Sebi since SAT has jurisdiction only over orders and directions passed by the capital markets regulator in a quasi-judicial capacity.