The Union Ministry of Finance has appointed justice Mayank Kumar Jain, a former Allahabad High Court judge, as a judicial member of the Securities Appellate Tribunal (SAT).
- Currently, the SAT operates with three members, which limits it to a single bench. Sebi’s rules permit formation of multiple benches, each requiring at least one judicial and one technical member.
- The need for an additional bench has been under discussion for years due to a growing number of appeals and cases,
About Securities Appellate Tribunal (SAT)
- The SAT is a statutory body established under Section 15(K) of the Securities and Exchange Board of India (SEBI) Act, 1992.
- SAT hears appeals against orders from Sebi, Insurance Regulatory Development Authority of India, Pension Fund Regulatory and Development Authority as well as stock exchanges and depositories.
- Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within sixty days from the date of of receiving a copy of the order or decision.
