Securities Appellate Tribunal (SAT)

Securities Appellate Tribunal (SAT)

Subject – Economy

Context – Securities Appellate Tribunal pulls up SEBI for ‘judicial indiscipline’

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).

To know about Securities and Exchange Board of India (SEBI), please refer January 2022 DPN.