SECURITIES APELLATE TRIBUNAL

SECURITIES APELLATE TRIBUNAL

Subject: National Organisations

Context : The Securities Appellate Tribunal (SAT) has asked markets regulator Sebi to pass final order in six months in a case related to CG Power and Industrial Solutions, wherein the company’s ex-chairman GautamThapar and three other former officials were banned from the securities market.

Concept:

• SAT is a statutory body established under the provisions of Section 15K of the SEBI Act, 1992.
• Located at Mumbai.

Composition:

• SAT consists of a Presiding Officer and Two other members.
• The Presiding officer of SAT shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.

Powers & Functions:

• It has the same powers as vested in a civil court. Further, if any person feels aggrieved by SAT’s decision or order can appeal to the Supreme Court.
• To hear and dispose of appeals against orders passed by the SEBI or by an adjudicating officer under the SEBI Act,1992.
• To hear and dispose of appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA).
• To hear and dispose of appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI).