SECURITIES APPELLATE TRIBUNAL (SAT)

Current Context : Jane Street Group (US firm) filed an appeal in the Securities Appellate Tribunal (SAT) against SEBI, alleging market manipulation.

About SAT

• Established under: SEBI Act, 1992.
• Type: Quasi-judicial statutory body.
• Jurisdiction: Entire India.
• Headquarters: Mumbai.

Functions

• Hears appeals against orders of: SEBI, IRDAI,
• Can be approached by any aggrieved person (companies, investors, intermediaries).

Composition

• Presiding Officer: Retired or sitting SC Judge / Chief Justice / HC Judge with 7+ years experience.
• Judicial Members: HC Judges (5+ years).
• Technical Members: Senior govt. officials or experts with 15+ years experience in finance/securities.
• Appointed by: Central Government in consultation with CJI.

Tenure & Powers

• Tenure: 5 years (reappointment allowed, max age 70).
• Powers: Same as a civil court (summon, examine, demand documents).
• Appeals: Orders can be challenged in the Supreme Court (on law questions).