The absence of a full Bench at the Securities Appellate Tribunal (SAT) has crippled its functioning, leading to delays and disruptions.
- According to the industry players, if the Bench is not restored soon, it could hamper the fundraising and expansion plans of companies with pending litigation.
- They say that such delays can deter international investors. At present, the three-member tribunal only has a technical member.
- The appointment of a judicial member by the government is awaited.
- Due to the prolonged non-availability of the Bench, legal players said that appeals may be filed in the high court. However, the scope for relief would be limited.
About Securities Appellate Tribunal (SAT)
- Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992.
- SAT hears and disposes of appeals against the orders of the Securities and Exchange Board of India (Sebi), the Insurance Regulatory Development Authority of India (Irdai), and the Pension Fund Regulatory and Development Authority (PFRDA) along with appeals against the stock exchanges and depositories.
