Securities Appellate Tribunal (SAT). This article is about the Tribunal which is being formed by Central Government under the Securities and Exchange Board of India. This tribunal is formed especially for the grievances faced by the orders of the SEBI or the other adjudicating authorities. The article will detail you about the powers of the tribunal, who would be the members of the tribunal, head of the tribunal, who can appeal or approach the SAT, if not satisfied with the orders of the SAT, then what to do and other matters are explained here. Now you can scroll down below below n check more details for “Securities Appellate Tribunal (SAT)”
Section 15K Establishment of SAT
The establishment of the SAT would be done by the central government by way of notification can stablish one or more SATs as per the requirement. Currently there is one SAT in Mumbai which the central government has conferred the powers.
Section 15L – Composition of SAT
A Securities Appellate Tribunal shall consist of one person and two other person which would hold the office. This would be appointed by the central government by way of notification in the official gazette of India.
Section 15M – Qualification for appointment of Presiding Officer
A person required for the presiding officer should have been at least one of the following:
- Is or has been the Judge of Supreme Court.
- Is or has been the Chief Justice of High court.
- Is or has been the Judge of High Court (Should have at least 7 years of service).
- Is or has been the Presiding officer of any Tribunal for at least 3 years.
- Is or has been the member of Indian Legal Service and has the post of Grade I for at least 3 years.
Section 15N – Term of Office
The term of office for which the presiding officer will stay is the earlier of the below:
- For a period of 5 years or
- Age of 68 years.
Section 15O – Salary and Allowances to Presiding Officers
The salary and the allowances to the presiding officer would be decided by the central government and would be notified in the official gazette of India.
Section 15U – Procedures and Powers of the SAT
The following powers have been given to the Securities and Appellate Tribunal:
- Summoning and enforcing the attendance of any person and examining on oath.
- Receiving evidence on affidavits.
- Reviewing its decision
- Requiring the discovery and production of documents
- Issuing the commissions for the examination of witnesses or documents
- Dismissing an application for default or deciding its ex-parte.
- Setting aside any order of dismissal of any application for default or any order passed by its ex-parte.
Section 15Z – Appeal to High Court
Any person who is not satisfied with the decision of SAT, shall may file go the high court within 60 days from the date of order being passed by the tribunal. If it more than 60 days than also the high court may accept the appeal if it is satisfied that the reason for not filing within the prescribed time period is acceptable.
Section 15T – Appeal to the tribunal
Here the section talks about who can make the appeal to the tribunal. Any person who is not satisfied with the orders of SEBI or an order made by an adjudicating authority may appeal to SAT.
The appeal has to be made within 45 days of such order being passed by SEBI or adjudicating authority as the case may be. The time period of 45 days can be increased if it thinks fit that the delay in filing is acceptable.