Securities Appellate Tribunal (SAT)

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.

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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

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