What is the Securities Appellate Tribunal (SAT)?

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Securities Appellate Tribunal (SAT)

Here are the short notes on Securities Appellate Tribunal (SAT):

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  • Statutory Body: Established under SEBI Act, 1992.
  • Nature: Quasi-judicial body to hear appeals against SEBI/adjudicating officer orders.
  • Jurisdiction: All India; headquartered in Mumbai.

Functions

  • Hears appeals against orders of:
    • SEBI
    • IRDAI (insurance matters)
    • PFRDA (pension matters)

Composition

  • Presiding Officer (appointed in consultation with CJI):
    • Retired/Sitting SC judge OR
    • Chief Justice of HC OR
    • HC judge with ≥7 years.
  • Judicial Member: HC judge with ≥5 years.
  • Technical Member:
    • Secretary/Additional Secretary to Govt., OR
    • Expert with ≥15 years in financial sector (securities, pensions, commodities, insurance).

Tenure

  • 5 years, reappointment for max 1 more term (5 years).
  • Age limit: 70 years.

Powers

  • Civil court powers: summon, enforce attendance, receive evidence, examine witnesses, order document production.

Appeals

  • Who can appeal? Any aggrieved person (companies, intermediaries, investors).
  • Against SAT orders: Appeal lies to Supreme Court on question of law only.
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