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๐€๐›๐ฌ๐ž๐ง๐œ๐ž ๐จ๐Ÿ ๐Ÿ๐ฎ๐ฅ๐ฅ ๐›๐ž๐ง๐œ๐ก ๐ฆ๐š๐ซ๐ฌ ๐Ÿ๐ฎ๐ง๐œ๐ญ๐ข๐จ๐ง๐ข๐ง๐  ๐จ๐Ÿ ๐’๐€๐“

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SAT -1

The Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of Section 15K of the SEBI Act, 1992 to hear and dispose of appeals against orders passed by the SEBIInsurance Regulatory and Development Authority of IndiaPension Fund Regulatory and Development Authority (PFRDA), stock exchanges (NSE IndiaBSEIndiaMetropolitan Stock Exchange of India Ltd. etc.) and Depositories [CDSL – Central Depository Services India Ltd and National Securities Depository Limited (NSDL)].

As per Section 15L of the SEBI Act, the SAT shall consist of a Presiding Officer and such number of Judicial Members and Technical Members and that every Bench constituted shall include at least one Judicial Member and one Technical Member. 

Presently, there is only one Technical Member on the bench since the Presiding Officer retired and demitted office on December 29, 2023 and the Judicial Member demitted office in February last year.

The Hindu Business Line has featured a story in this regard on the functioning of the functioning of SAT in the absence of a full bench.

In this background, Mr. Sumit Agrawal, Managing Partner of Regstreet Law Advisors and former SEBI officer has shared his insights with The Hindu Business Line.

He is of the view that “๐˜•๐˜ฐ๐˜ฏ-๐˜ข๐˜ท๐˜ข๐˜ช๐˜ญ๐˜ข๐˜ฃ๐˜ช๐˜ญ๐˜ช๐˜ต๐˜บ ๐˜ฐ๐˜ง ๐˜ข ๐˜ค๐˜ฐ๐˜ฎ๐˜ฑ๐˜ญ๐˜ฆ๐˜ต๐˜ฆ ๐˜‰๐˜ฆ๐˜ฏ๐˜ค๐˜ฉ ๐˜ฉ๐˜ข๐˜ด ๐˜ท๐˜ข๐˜ณ๐˜ช๐˜ฐ๐˜ถ๐˜ด ๐˜ช๐˜ฎ๐˜ฑ๐˜ญ๐˜ช๐˜ค๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ช๐˜ฏ๐˜ค๐˜ญ๐˜ถ๐˜ฅ๐˜ช๐˜ฏ๐˜จ ๐˜ช๐˜ฏ๐˜ค๐˜ณ๐˜ฆ๐˜ข๐˜ด๐˜ฆ๐˜ฅ ๐˜ฃ๐˜ข๐˜ค๐˜ฌ๐˜ญ๐˜ฐ๐˜จ ๐˜ฐ๐˜ง ๐˜ค๐˜ข๐˜ด๐˜ฆ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ช๐˜ฏ๐˜ฆ๐˜ง๐˜ง๐˜ช๐˜ค๐˜ช๐˜ฆ๐˜ฏ๐˜ค๐˜ช๐˜ฆ๐˜ด ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ซ๐˜ถ๐˜ฅ๐˜ช๐˜ค๐˜ช๐˜ข๐˜ญ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ค๐˜ฆ๐˜ด๐˜ด,โ€. He further added that “๐˜›๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ค๐˜ฐ๐˜ฏ๐˜ค๐˜ฆ๐˜ณ๐˜ฏ๐˜ด ๐˜ณ๐˜ฆ๐˜จ๐˜ข๐˜ณ๐˜ฅ๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ข๐˜ต๐˜ฆ ๐˜ฐ๐˜ง ๐˜ค๐˜ข๐˜ด๐˜ฆ๐˜ด ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ฃ๐˜ฆ๐˜ฆ๐˜ฏ ๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ญ๐˜ญ๐˜บ ๐˜ฉ๐˜ฆ๐˜ข๐˜ณ๐˜ฅ ๐˜ฑ๐˜ณ๐˜ฆ๐˜ท๐˜ช๐˜ฐ๐˜ถ๐˜ด๐˜ญ๐˜บ ๐˜ฃ๐˜บ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ถ๐˜ญ๐˜ญ ๐˜‰๐˜ฆ๐˜ฏ๐˜ค๐˜ฉ ๐˜ฃ๐˜ถ๐˜ต ๐˜ข๐˜ณ๐˜ฆ ๐˜ข๐˜ธ๐˜ข๐˜ช๐˜ต๐˜ช๐˜ฏ๐˜จ ๐˜ฐ๐˜ณ๐˜ฅ๐˜ฆ๐˜ณ๐˜ด. ๐˜›๐˜ฉ๐˜ฆ๐˜ด๐˜ฆ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ณ๐˜ฆ๐˜ฒ๐˜ถ๐˜ช๐˜ณ๐˜ฆ ๐˜ณ๐˜ฆ-๐˜ฉ๐˜ฆ๐˜ข๐˜ณ๐˜ช๐˜ฏ๐˜จ ๐˜ฃ๐˜บ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฏ๐˜ฆ๐˜ธ ๐˜‰๐˜ฆ๐˜ฏ๐˜ค๐˜ฉ. ๐˜Œ๐˜ฏ๐˜ด๐˜ถ๐˜ณ๐˜ช๐˜ฏ๐˜จ ๐˜ด๐˜ธ๐˜ช๐˜ง๐˜ต ๐˜ข๐˜ฑ๐˜ฑ๐˜ฐ๐˜ช๐˜ฏ๐˜ต๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต๐˜ด ๐˜ต๐˜ฐ ๐˜ฎ๐˜ข๐˜ช๐˜ฏ๐˜ต๐˜ข๐˜ช๐˜ฏ ๐˜ค๐˜ฐ๐˜ฏ๐˜ต๐˜ช๐˜ฏ๐˜ถ๐˜ช๐˜ต๐˜บ ๐˜ช๐˜ฏ ๐˜ค๐˜ข๐˜ด๐˜ฆ ๐˜ฉ๐˜ฆ๐˜ข๐˜ณ๐˜ช๐˜ฏ๐˜จ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฎ๐˜ช๐˜ฏ๐˜ช๐˜ฎ๐˜ช๐˜ด๐˜ฆ ๐˜ฅ๐˜ช๐˜ด๐˜ณ๐˜ถ๐˜ฑ๐˜ต๐˜ช๐˜ฐ๐˜ฏ ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ซ๐˜ถ๐˜ฅ๐˜ช๐˜ค๐˜ช๐˜ข๐˜ญ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ค๐˜ฆ๐˜ด๐˜ด, ๐˜ช๐˜ด ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฏ๐˜ฆ๐˜ฆ๐˜ฅ ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฉ๐˜ฐ๐˜ถ๐˜ณ,โ€.

The article also features the expert views of Mr. Pulkit Sukhramani, Partner, JSA.

The Hindu Business Line article is enclosed herewith and also accessible at: https://lnkd.in/dq3j7Vhf

Readers are welcome to send their views toย Regstreet Law Advisorsย atย info@regstreetlaw.com

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