Securities Appellate Tribunal Explained

Headquarters:	India
Parent Agency:	Ministry of Law and Justice, Department of Legal Affairs

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.

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:

• Orders issued by the Insurance Regulatory and Development Authority of India (IRDAI) in relation to cases filed before it.
• Orders issued by the Pension Fund Regulatory and Development Authority (PFRDA) in relation to cases filed before it.
• Orders passed by Securities and Exchange Board of India.^[2]

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]

• Should not have adjudged as insolvent.
• Should not have been convicted of an offence involving moral turpitude.
• Ineligibility due to physical or mental incapacities.
• Possession of financial or any other interest prejudicially affecting the position as Presiding officer or member.
• Abuse of authority or position making his continuation in office prejudicial to public interest.
• In addition any specific issues mentioned in the Act.

External links

• Official Website

Notes and References

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