Context:
Securities Appellate Tribunal (SAT) has upheld Securities and Exchange Board of India’s (Sebi) decision, ordering Trafiksol ITS Technologies Ltd to refund ₹45 crore to investors and halt its share listing.
Overview
The Securities Appellate Tribunal (SAT) is a statutory and independent body to hear appeals against orders issued by such regulatory authorities as
- Securities and Exchange Board of India SEBI
- Insurance Regulatory and Development Authority of India (IRDAI)
- Pension Fund Regulatory and Development Authority PFRDA
- How Was SAT Established
- Established under the Securities and Exchange Board of India Act 1992
- It functions as an autonomous adjudicatory body that is separate from the above-mentioned regulators.
Functions and Powers
- It Entertains Appeals
- It handles appeals arising from orders made by SEBI IRDAI and PFRDA.
- Offers a platform on which appeals arising from regulatory decisions are entertained.
- Other Powers
- Possesses the powers vested by the SEBI Act and other enactments to perform its adjudicatory function.
Appointments to the SAT
- Presiding Officer and Members
- Hold office for a term of five years from the date of appointment or reappointment.
- Their appointment is to be made after considering such qualifications and experience as may be specified in the SEBI Act and the regulations thereunder.
