New Delhi, May 21 -- The Supreme Court has condoned a delay of 1059 days in filing an appeal before the Securities Appellate Tribunal (SAT), observing that a first appeal on facts and law is a "precious right" and that a litigant should ordinarily get an opportunity to contest the case on merits.

A Bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe passed the order in an appeal filed by Khelo MCX Research Services against the Securities and Exchange Board of India.

The Court set aside the SAT's September 16, 2025, order, which had refused to condone the delay and consequently dismissed the appeal itself.

In its order, the Supreme Court noted that although the appellant had not explained the delay on a day-to-day basis...