Securities Appellate Tribunal is an Indian statutory and autonomous body created to hear appeals against the orders of India's main

financial regulator Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled ...

s. The presiding officer and other members of the Board are elected by the selection committee of the

Prime Minister of India The prime minister of India (IAST: ) is the head of government of the Republic of India. Executive authority is vested in the prime minister and their chosen Council of Ministers, despite the president of India being the nominal head of the ...

. Jurisdiction of Securities Appellate Tribunal extends to companies situated across

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

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.

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 The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive ...

Jurisdiction

The Securities Appellate Tribunal has only one bench which sits in Mumbai and its jurisdiction extends to whole of India.https://sat.gov.in/scripts/detailsat.asp?releaseId=E0000US16

Composition

The composition of Securities Appellate Tribunal includes Presiding officer, Judicial members and technical members. The appointment of Presiding officer and other members of Securities Appellate Tribunal is done by a committee headed by Prime Minister of India. Justice Dinesh Kumar is presiding member of Securities Appellate Tribunal.

Eligibility for members

Following is the eligibility for the Presiding officer or members of Securities Appellate Tribunal. * 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.

References

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External links

Official Website
Indian Tribunals Securities and Exchange Board of India