Securities Appellate Tribunal
About
- Securities Appellate Tribunal is a statutory body established under the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against orders passed by SEBI or by an adjudicating officer under the Act.
- SAT also hears and disposes of appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA) and the Insurance Regulatory Development Authority of India (IRDAI).
- The Tribunal will have the same powers as vested in a civil court while trying a suit.
- SAT has only one bench which sits at Mumbai.
Composition
- SAT consists one Presiding Officer and such number of Judicial and Technical Members as the Central Government may determine.
- The person so appointed as the Presiding Officer should meet with the following requirements:
- The retired or sitting Judge of the Supreme Court;
- The retired or sitting Chief Justice of a High Court;
- The retired or sitting Judge of High Court, who has completed at least seven years of service as a Judge in a High Court.
- The tenure for Presiding Officer and Members will be five years from the date of appointment or re-appointment.
Appeal
- Every person aggrieved by any order or decision of Securities Appellate Tribunal can file an appeal to the supreme court.