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 SEBI, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority (PFRDA), stock exchanges (NSE India, BSEIndia, Metropolitan 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 “๐๐ฐ๐ฏ-๐ข๐ท๐ข๐ช๐ญ๐ข๐ฃ๐ช๐ญ๐ช๐ต๐บ ๐ฐ๐ง ๐ข ๐ค๐ฐ๐ฎ๐ฑ๐ญ๐ฆ๐ต๐ฆ ๐๐ฆ๐ฏ๐ค๐ฉ ๐ฉ๐ข๐ด ๐ท๐ข๐ณ๐ช๐ฐ๐ถ๐ด ๐ช๐ฎ๐ฑ๐ญ๐ช๐ค๐ข๐ต๐ช๐ฐ๐ฏ๐ด ๐ช๐ฏ๐ค๐ญ๐ถ๐ฅ๐ช๐ฏ๐จ ๐ช๐ฏ๐ค๐ณ๐ฆ๐ข๐ด๐ฆ๐ฅ ๐ฃ๐ข๐ค๐ฌ๐ญ๐ฐ๐จ ๐ฐ๐ง ๐ค๐ข๐ด๐ฆ๐ด ๐ข๐ฏ๐ฅ ๐ช๐ฏ๐ฆ๐ง๐ง๐ช๐ค๐ช๐ฆ๐ฏ๐ค๐ช๐ฆ๐ด ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐ซ๐ถ๐ฅ๐ช๐ค๐ช๐ข๐ญ ๐ฑ๐ณ๐ฐ๐ค๐ฆ๐ด๐ด,โ. He further added that “๐๐ฉ๐ฆ๐ณ๐ฆ ๐ข๐ณ๐ฆ ๐ค๐ฐ๐ฏ๐ค๐ฆ๐ณ๐ฏ๐ด ๐ณ๐ฆ๐จ๐ข๐ณ๐ฅ๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ ๐ง๐ข๐ต๐ฆ ๐ฐ๐ง ๐ค๐ข๐ด๐ฆ๐ด ๐ต๐ฉ๐ข๐ต ๐ฉ๐ข๐ท๐ฆ ๐ฃ๐ฆ๐ฆ๐ฏ ๐ง๐ช๐ฏ๐ข๐ญ๐ญ๐บ ๐ฉ๐ฆ๐ข๐ณ๐ฅ ๐ฑ๐ณ๐ฆ๐ท๐ช๐ฐ๐ถ๐ด๐ญ๐บ ๐ฃ๐บ ๐ต๐ฉ๐ฆ ๐ง๐ถ๐ญ๐ญ ๐๐ฆ๐ฏ๐ค๐ฉ ๐ฃ๐ถ๐ต ๐ข๐ณ๐ฆ ๐ข๐ธ๐ข๐ช๐ต๐ช๐ฏ๐จ ๐ฐ๐ณ๐ฅ๐ฆ๐ณ๐ด. ๐๐ฉ๐ฆ๐ด๐ฆ ๐ธ๐ช๐ญ๐ญ ๐ณ๐ฆ๐ฒ๐ถ๐ช๐ณ๐ฆ ๐ณ๐ฆ-๐ฉ๐ฆ๐ข๐ณ๐ช๐ฏ๐จ ๐ฃ๐บ ๐ต๐ฉ๐ฆ ๐ฏ๐ฆ๐ธ ๐๐ฆ๐ฏ๐ค๐ฉ. ๐๐ฏ๐ด๐ถ๐ณ๐ช๐ฏ๐จ ๐ด๐ธ๐ช๐ง๐ต ๐ข๐ฑ๐ฑ๐ฐ๐ช๐ฏ๐ต๐ฎ๐ฆ๐ฏ๐ต๐ด ๐ต๐ฐ ๐ฎ๐ข๐ช๐ฏ๐ต๐ข๐ช๐ฏ ๐ค๐ฐ๐ฏ๐ต๐ช๐ฏ๐ถ๐ช๐ต๐บ ๐ช๐ฏ ๐ค๐ข๐ด๐ฆ ๐ฉ๐ฆ๐ข๐ณ๐ช๐ฏ๐จ๐ด ๐ข๐ฏ๐ฅ ๐ฎ๐ช๐ฏ๐ช๐ฎ๐ช๐ด๐ฆ ๐ฅ๐ช๐ด๐ณ๐ถ๐ฑ๐ต๐ช๐ฐ๐ฏ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐ซ๐ถ๐ฅ๐ช๐ค๐ช๐ข๐ญ ๐ฑ๐ณ๐ฐ๐ค๐ฆ๐ด๐ด, ๐ช๐ด ๐ต๐ฉ๐ฆ ๐ฏ๐ฆ๐ฆ๐ฅ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐ฉ๐ฐ๐ถ๐ณ,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