SECURITIES APPELLATE TRIBUNAL (Syllabus: GS Paper 3 – Economy)

Context: The Finance Ministry has appointed P S Dinesh Kumar, a retired judge, as the presiding officer of the Securities Appellate Tribunal (SAT) for four years.

Securities Appellate Tribunal (SAT)

• About: It is a statutory and autonomous body.
• Establishment: Under the provisions of the Securities and Exchange Board of India Act, 1992.
• Headquarters: Mumbai.
• Composition: Presiding officer, Judicial members and technical members.

oThe appointment of Presiding officer and other members of SAT is done by a committee headed by Prime Minister of India.

• Tenure: Presiding Officer: 5 years from the date of appointment or re-appointment.
• Powers
• Orders issued by the Insurance Regulatory and Development Authority of India (IRDAI) in relation to cases filed before it.
• Orders issued by the Pension Fund Regulatory and Development Authority (PFRDA) in relation to cases filed before it.
• Hear the orders passed by Securities and Exchange Board of India.

Securities and Exchange Board of India (SEBI)

• Establishment: As a statutory body in the year 1992.
• Headquarters: Mumbai, Maharashtra
• Ministry: Ministry of Finance
• Aim: To protect the interests of investors in securities and to promote the development of, and regulate the securities market.