Securities Appellate Tribunal

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Securities Appellate Tribunal
Agency overview
HeadquartersIndia
Parent agency Ministry of Law and Justice, Department of Legal Affairs
Website sat.gov.in

Securities Appellate Tribunal is an Indian statutory and autonomous body created to hear appeals against the orders of India's main financial regulators. The presiding officer and other members of the Board are elected by the selection committee of the Prime Minister of India. Jurisdiction of Securities Appellate Tribunal extends to companies situated across India.

Contents

History and objective

Securities Appellate Tribunal is formed as a statutory body as per the provisions of Section 15K of the Securities and Exchange Board of India (SEBI) Act, 1992 where orders passed by the Sebi are appealed, heard and resolved. [1]

Powers

Securities Appellate Tribunal hears appeals against the following orders:

Jurisdiction

The Securities Appellate Tribunal has only one bench which sits in Mumbai and its jurisdiction extends to whole of India. [3] [4]

Composition

The composition of Securities Appellate Tribunal includes Presiding officer, Judicial members and technical members. [5]

The appointment of Presiding officer and other members of Securities Appellate Tribunal is done by a committee headed by Prime Minister of India. [6]

Justice Dinesh Kumar is presiding member of Securities Appellate Tribunal. [7] [8]

Eligibility for members

Following is the eligibility for the Presiding officer or members of Securities Appellate Tribunal. [9]

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References

  1. 1 2 3 Coutinho, Ashley (18 May 2017). "Securities Appellate Tribunal will get new bench in Delhi". Business Standard India. Retrieved 29 March 2022.
  2. Zachariah, Reena (18 May 2021). "SAT says judicial members have jurisdiction to hear appeals". The Economic Times. Retrieved 29 March 2022.
  3. https://sat.gov.in/scripts/detailsat.asp?releaseId=E0000US7
  4. https://sat.gov.in/scripts/detailsat.asp?releaseId=E0000US16
  5. "SAT Says It Can Function without Technical Member after SEBI Raises Objections". Moneylife NEWS & VIEWS. 18 May 2021. Retrieved 29 March 2022.
  6. "Justice Tarun Agarwala appointed Securities Appellate Tribunal presiding officer". Business Standard India. 12 December 2018. Retrieved 29 March 2022.
  7. Mohan, Ashwin (15 July 2013). "Govt appoints Justice Dinesh Kumar as new Presiding Officer of Securities Appellate Tribunal". The Economic Times. Retrieved 29 March 2022.
  8. Choudhary, Shrimi (26 March 2018). "Securities and Appellate Tribunal left with 2 members, one short of quorum". Business Standard India. Retrieved 29 March 2022.
  9. "Tribunal reforms: what's abolished, what happens to pending cases". The Indian Express. 16 August 2021. Retrieved 29 March 2022.