Q. Consider the following:
1.Enforce and summon the attendance of any person in the tribunal
2.Require the discovery and production of documents in the tribunal
3.Issue commissions for the examination of documents or witnesses
4.Issue new regulations for the securities market
How many of the above are the functions of the Securities Appellate Tribunal (SAT)?
Explanation – The Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India (SEBI) Act, 1992. It was created to hear and dispose of appeals against orders passed by SEBI or by an adjudicating officer under the SEBI Act. SAT also hears appeals against orders issued by other financial regulators such as the Pension Fund Regulatory and Development Authority (PFRDA) and the Insurance Regulatory and Development Authority of India (IRDAI). Amongst the functions mentioned above, issuing new regulations for the securities market is not a function of SAT. This function lies with the Securities and Exchange Board of India (SEBI).
Source: AIR
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