Q. Consider the following statements with respect to the Securities Appellate Tribunal (SAT):
1.It is responsible for hearing appeals against orders issued by the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, and the Pension Fund Regulatory and Development Authority.
2.A SAT bench must consist of ten members.
3.Currently, SAT has only one functional bench located in Mumbai.
How many of the statements given above are correct?
Explanation –
Statements 1 and 3 are correct. The Securities Appellate Tribunal (SAT) is responsible for hearing appeals against orders issued by the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA). SAT plays a crucial role in the regulatory framework of India’s securities market and financial sector. The Securities Appellate Tribunal (SAT) has one bench that sits in Mumbai and its jurisdiction extends to the whole country.
Statement 2 is incorrect. A SAT Bench must consist of three members that includes a presiding officer and a technical member. According to current norms, at least one judicial member is required to pronounce a final order.
Source: The Hindu
