Security Appellate Tribunal

 General Studies Paper 3, Economic Bodies

Source- The Hindu

 

 Context

 

Security Appellate Tribunal  has stayed the order passed by the Security Exchange Board of India (SEBI) that would a one year band on future retail chairperson Kishore Biyani and some other Promoters from the securities market

 

Security Appellate Tribunal 

 

Type of body

 

This is a statutory body  which is established under the provision of Section 15K  of the Securities Exchange Board of India in  1992

 

 Location of the  tribunal-

 

 It  is located in Mumbai Maharashtra

 

  Mandate of the body-

 

 The mandate  is to  hear and dispose of appeal  against order passed by the

 

  •  The Security Exchange Board of India
  •  Pension Fund regulatory and Development Authority
  •  Insurance Regulatory and Development Authority of India 

 

 Powers of the body

 

  •  It has the same power as vested in Civil Court.  
  • If any person aggrieved by Securities Appellate Tribunal decision or order he can appeal to the apex court

 

 Composition of the body-

 

  •  Security appellate Tribunal consist of presiding officer and two other members
  •  The presiding officer of SAT shall be appointed by the central government in consultation with the Chief Justice of India or the person appointed by him 

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