CJI Advocates for More SAT Benches | 06 Jul 2024

Source: IE

The Chief Justice of India has emphasised the need for additional Securities Appellate Tribunal (SAT) benches to keep up with India's growing markets and financial transactions, during the inauguration of new SAT premises in Mumbai.

• CJI stressed the importance of filling vacancies in the SAT without delay to allow the tribunal to work effectively and at full capacity.
• The CJI emphasised that a legal system with adequate safeguards and effective dispute resolution is crucial for building investor confidence in India's markets and business landscape, leading to better economic outcomes.
• SAT 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 the Securities and Exchange Board of India.
• The SAT consists of a Presiding Officer and two other members. The Presiding Officer of SAT is appointed by the Central Government in consultation with the CJI or his nominee.
  • It also has jurisdiction to hear appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA) and the Insurance Regulatory Development Authority of India (IRDAI) under their respective acts, rules, and regulations.

Read more: Securities Appellate Tribu­nal