(1) Securities market, securities traders, organized organizations or related persons who are not satisfied with the punishment imposed by the Board in accordance with sub-sections (4), (5), (6) and (7) of Section 101 may appeal to the relevant High Court within thirty-five days from the date of punishment. (2) A person who is not satisfied with the order or instruction given by the Board in accordance with paragraph-8 may appeal to the relevant High Court within thirty-five days from the date of receiving the notice of such order or instruction.