The second appeal against the order of SEBI lies before which of the following?

None of these.

SEBI has three functions rolled into one body: quasi-legislative, quasi-judicial and quasi executive. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity. Though this makes it very powerful, there is an appeal process to create accountability. There is a Securities Appellate Tribunal which is three-member tribunal. A second appeal lies directly to the Supreme Court.