Q. With reference to the Securities Appellate Tribunal (SAT), consider the following:
1. It is a statutory body established under the provisions of the Administrative Tribunals Act, 1985.
2. The Presiding officer is appointed by the Chief Justice of India.
3. It can hear and dispose off appeals against orders passed by the SEBI (Securities and Exchange board of India) only.
How many statements given above are correct?
Answer: A
Notes:
Exp) Option a is the correct answer.
Statement 1 is incorrect. SAT is a statutory body established under the provisions of the SEBI Act, 1992 and not the Administrative Tribunals Act, 1985.
Statement 2 is incorrect. SAT consists of a Presiding Officer and two other members. The Presiding officer is appointed by the central government in consultation with the Chief Justice of India or his nominee.
Statement 3 is correct. Functions of SAT:
- To hear and dispose of appeals against orders passed by the SEBI or by an adjudicating officer under the SEBI Act,1992.
- To hear and dispose of appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA).
- To hear and dispose of appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI).
