Securities Appellate Tribunal (SAT)
Why it Matters?
U.S.-based Jane Street Group appealed to SAT against SEBI, alleging denial of crucial documents in a market manipulation case. The firm cited SEBI’s reversal of earlier clean findings and ISD’s report showing negligible gains from its trades.
What You Should Know?
The Securities Appellate Tribunal (SAT) is a statutory quasi-judicial body established under Section 15K of the SEBI Act, 1992.
It hears appeals against orders of SEBI, PFRDA, and IRDAI.
SAT is headquartered in Mumbai and functions across India as a single-bench tribunal.
It comprises a Presiding Officer (typically a sitting or retired judge of the Supreme Court or High Court) and Judicial and Technical members appointed by the Central Government in consultation with the Chief Justice of India
SAT wields powers akin to a civil court: it can summon and examine witnesses, require production of documents, receive affidavits, and issue commissions.
Appeals must be filed within 45 days, though delays may be condoned.
SAT can confirm, modify, or overturn SEBI and regulator orders.
Appeals against SAT decisions can be made to the Supreme Court, but only on questions of law, within 60 days.