Table of Contents
Relevance
- GS Paper 2: Indian Constitution- Statutory, regulatory, and various quasi-judicial bodies.
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Context
- Recently, the Securities Appellate Tribunal delivered a split verdict on the tussle between PNB Housing Finance and markets regulator SEBI over the lender’s proposed ₹4,000 crore deal with Carlyle Group.
- SEBI had contested the deal over valuation issues. The tribunal in its interim order restrained PNB Housing Finance from disclosing the results of shareholders’ vote on the deal.
Consumer Confidence Survey (CCS)
Key Points
- About SAT: a statutory body created under the provisions of the SEBI Act, 1992.
- The Securities Appellate Tribunal has only one bench which sits in Mumbai.
- Jurisdiction: It has jurisdiction over the whole of India.
- Composition of the SAT: It consists of a Presiding Officer and two other members.
- Appointment of the Presiding Officer: by the Central Government in consultation with the Chief Justice of India or his nominee.
- Powers: SAT has powers similar to a civil court. Appeals from its orders can be challenged in the Supreme Court.
- Key Functions:
- To hear and dispose of appeals against orders passed by the Securities and Exchange Board of India (SEBI) or by an adjudicating authority under the Act.
- To exercise jurisdiction, authority and powers conferred on the SAT by or under this Act or any other law for the time being in force.
- To hear and dispose of appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA).
- To hear and dispose of appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI).
United Nations Security Council: Composition, Functioning and Indian Engagement at UNSC
