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

News-CRUX-10     5th December 2023        
Samadhaan

Context: Recently, the Securities Appellate Tribunal (SAT) overturned the 2021 order by the markets regulator against Reliance Industries Ltd (RIL) and the Navi Mumbai Special Economic Zone (SEZ) in a case involving alleged manipulative trades in shares of the former Reliance Petroleum Ltd.

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.
  • Composition: Presiding officer, Judicial members and technical members.
  • Appointment: The appointment of Presiding officer and other members of SAT is done by a committee headed by Prime Minister of India.
  • Powers:

o Orders issued by the Insurance Regulatory and Development Authority of India (IRDAI) in relation to cases filed before it.

o Orders issued by the Pension Fund Regulatory and Development Authority (PFRDA) in relation to cases filed before it.

o 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.
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