The Securities Appellate Tribunal (โ๐๐๐โ), an appellate body against SEBI, IRDAI, Pension Fund Regulatory and Development Authority (PFRDA), Stock Exchanges and Depositories has only one non-judicial member as against a full Bench, crippling its functioning and resulting in significant delays and disruptions. Industry stakeholders are concerned that the continued absence of a complete Bench could adversely affect the fundraising and expansion plans of companies involved in ongoing litigation.
The former presiding officer of SAT, Justice Tarun Agarwala, former Chief Justice of Meghalaya High Court vacated the office in December 2023 post his retirement.
In this background Mr. Sumit Agrawal, Managing Partner of Regstreet Law Advisors and former SEBI Officer, offered his insights to Business Standardfollows:
“๐๐ฉ๐ฆ ๐ฑ๐ณ๐ฐ๐ญ๐ฐ๐ฏ๐จ๐ฆ๐ฅ ๐ท๐ข๐ค๐ข๐ฏ๐ค๐บ ๐ข๐ต ๐ต๐ฉ๐ฆ ๐๐๐ ๐ช๐ด ๐ฑ๐ณ๐ฆ๐ด๐ด๐ช๐ฏ๐จ, ๐ช๐ฎ๐ฑ๐ข๐ค๐ต๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ข๐ฏ๐ฅ ๐ณ๐ฆ๐จ๐ถ๐ญ๐ข๐ต๐ฐ๐ณ๐บ ๐ญ๐ข๐ฏ๐ฅ๐ด๐ค๐ข๐ฑ๐ฆ ๐ด๐ช๐จ๐ฏ๐ช๐ง๐ช๐ค๐ข๐ฏ๐ต๐ญ๐บ. ๐๐ฉ๐ช๐ด ๐ฅ๐ฆ๐ญ๐ข๐บ ๐ฏ๐ฐ๐ต ๐ฐ๐ฏ๐ญ๐บ ๐ข๐ง๐ง๐ฆ๐ค๐ต๐ด ๐ต๐ฉ๐ฆ ๐ต๐ณ๐ช๐ฃ๐ถ๐ฏ๐ข๐ญโ๐ด ๐ฆ๐ง๐ง๐ช๐ค๐ช๐ฆ๐ฏ๐ค๐บ ๐ฃ๐ถ๐ต ๐ข๐ญ๐ด๐ฐ ๐ฉ๐ข๐ฎ๐ฑ๐ฆ๐ณ๐ด ๐ต๐ฉ๐ฆ ๐ณ๐ฆ๐ด๐ฐ๐ญ๐ถ๐ต๐ช๐ฐ๐ฏ ๐ฐ๐ง ๐ค๐ณ๐ช๐ต๐ช๐ค๐ข๐ญ ๐ค๐ข๐ด๐ฆ๐ด. ๐๐ฉ๐ฆ ๐ถ๐ฏ๐ค๐ฆ๐ณ๐ต๐ข๐ช๐ฏ๐ต๐บ ๐ค๐ณ๐ฆ๐ข๐ต๐ฆ๐ฅ ๐ฃ๐บ ๐ต๐ฉ๐ฆ๐ด๐ฆ ๐ฅ๐ฆ๐ญ๐ข๐บ๐ด ๐ค๐ฐ๐ถ๐ญ๐ฅ ๐ฅ๐ฆ๐ต๐ฆ๐ณ ๐ช๐ฏ๐ต๐ฆ๐ณ๐ฏ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฐ๐ณ๐ด ๐ค๐ฐ๐ฏ๐ด๐ช๐ฅ๐ฆ๐ณ๐ช๐ฏ๐จ ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฎ๐ฆ๐ฏ๐ต๐ด ๐ช๐ฏ ๐๐ฏ๐ฅ๐ช๐ข, ๐ข๐ด ๐ฆ๐ง๐ง๐ฆ๐ค๐ต๐ช๐ท๐ฆ ๐ฅ๐ช๐ด๐ฑ๐ถ๐ต๐ฆ ๐ณ๐ฆ๐ด๐ฐ๐ญ๐ถ๐ต๐ช๐ฐ๐ฏ ๐ช๐ด ๐ข ๐ท๐ช๐ต๐ข๐ญ ๐ค๐ฐ๐ฏ๐ด๐ช๐ฅ๐ฆ๐ณ๐ข๐ต๐ช๐ฐ๐ฏ ๐ง๐ฐ๐ณ ๐ต๐ฉ๐ฆ๐ฎ.”
The article also features the expert views of Pulkit Sukhramani, Partner, JSA, Vyapak Desai, FCIArb, Lead – International Disputes & Investigations, Nishith Desai Associates, Nidhi Singh, Partner, INDIALAW LLP.
The Business Standard story can be accessed at : https://lnkd.in/gSDsVf46.
Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com
