SECURITIES APELLATE TRIBUNAL
- April 11, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
No Comments
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).