News-CRUX-10     6th April 2024        
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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.