Vacancies in Securities Appellate Tribunals
About
- Securities Appellate Tribunal is a statutory body established under the provisions 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 or by an adjudicating officer under the Act; and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under this Act or any other law for the time being in force.
- SAT hears and disposes of appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA) under the PFRDA Act, 2013.
- SAT also hears and disposes of appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI) under the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999.
Why in News?
- Most of the matters that have come up at the Securities Appellate Tribunal (SAT) in the past few weeks have been adjourned due to non-availability of the Bench, with no final hearings.
- A SAT Bench is supposed to consist of three members that includes a presiding officer and a technical member.
- According to current norms, at least one judicial member is required to pronounce a final order.
- Non-availability of a complete Bench has various implications including increased backlog of cases and inefficiencies in the judicial process.
Subscribe
Login
0 Comments