Apex court wants government to fill SAT vacancies quickly

The Supreme Court wants the government to quickly fill the vacancies at the Securities Appellate Tribunal (SAT), which is an important appellate body for filing appeals against orders passed by the capital market, insurance and pension regulators. While hearing an appeal filed by Quantum Securities, the apex court highlighted the fact that the tribunal is currently being managed by a sole member even as the regulations clearly state that the Bench should comprise a judicial and technical member. What the law says “Unfortunately, a single Technical Member seems to be manning the Securities Appellate Tribunal, Mumbai. Section 15L of the Securities and Exchange Board of India Act, 1992 specifically states, in the proviso to sub-section 2(b), that every Bench constituted shall include at least one Judicial Member and one Technical Member,” stated the SC order. “This Court wants to know as to when other Judicial and Technical Members will be appointed, which we hope will be done as quickly as possible,” it said while directing a notice to be issued to the Attorney General to make the government a party to the case. This assumes significance as the SAT has remained headless since July when the five-year term of the then presiding officer Justice J.P. Devadhar came to an end. Earlier in the year, Jog Singh’s term as a member came to an end in February. Currently, C. K. G. Nair is the only member at SAT and due to the lack of quorum, the functioning of the appellate has been severely hit. “It is important that this critical issue gathers steam and gets the attention of the Central Government so that the requisite appointments are made in the interest of securities market. Such delays definitely impact the reputation of capital markets of India and investment climate, as effective dispute redressal is one of the important criterion for choosing an outbound investment,” Sumit Agrawal, founder, RegStreet Law Advisors and a former SEBI law officer, said.

Source : https://www.thehindu.com/todays-paper/tp-business/apex-court-wants-government-to-fill-sat-vacancies-quickly/article25043114.ece

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