Financial Express (India) has published an insightful article titled โ๐๐๐ ๐๐ฆ๐ต๐ด ๐๐ฆ๐ธ ๐๐ถ๐ฅ๐ช๐ค๐ช๐ข๐ญ ๐๐ฆ๐ฎ๐ฃ๐ฆ๐ณ, ๐๐ฆ๐ค๐ฐ๐ฏ๐ฅ ๐๐ฆ๐ฏ๐ค๐ฉ ๐๐ช๐ฌ๐ฆ๐ญ๐บ ๐๐ฐ๐ฐ๐ฏโ, highlighting on the recent appointment of a new judicial member of the Honโble Securities Appellate Tribunal (SAT) by the Department Of Economic Affairs, Government Of India, Ministry of Finance. Justice Mayank Kumar Jain, former judge of the Allahabad High Court, has been appointed as the judicial member of the SAT on 03.01.2024.
In this background, Mr. Sumit Agrawal, Founder of Regstreet Law Advisors, has been quoted wherein he highlighted that the absence of additional SAT benches has led to a substantial backlog of cases, as the shortage of members makes it difficult to constitute the required benches. He also added that the persistent delays in establishing additional benches have not only hindered case resolution but also undermined the efficiency of Indiaโs financial markets and that despite pushes from the chief justice of India and finance ministers, the wait for an additional benches have stretched over eight years.
Sharing his concluding remarks on whether delays in appointment are defeating the purpose, Mr. Sumit Agrawal stated that as one member is appointed, the tenure of another often ends, perpetuating a cycle of vacancies. The recent appointment of Justice Mayank Kumar Jain as a judicial member offers a glimmer of hope for the establishment of an additional bench.
A copy of the article authored by Akshata Gorde is enclosed. Readers can also access the complete article at: https://lnkd.in/dnqHGiCC
Previously Regstreet Law Advisors had posted about the appointment immediately, accessible at https://lnkd.in/dsd7NtGd
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