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With reference to the Securities Appellate Tribunal, consider the following statements:
- It is a statutory body established under the Securities and Exchange Board of India Act, 1992.
- The presiding officer shall be appointed by the Central Government in consultation with the Chief Justice of India.
Which of the statements given above is/are correct?
- a)1 Only
- b)2 Only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Securities Appellate Tribunal,consider the follo...
The Securities Appellate Tribunal (SAT) is a statutory body established under the Securities and Exchange Board of India Act, 1992. It is the appellate authority for hearing appeals against the orders passed by the Securities and Exchange Board of India (SEBI) under various securities laws.
Appointment of Presiding Officer
The presiding officer of SAT shall be appointed by the Central Government in consultation with the Chief Justice of India. This ensures that the appointment is made in a transparent and fair manner.
Composition of SAT
SAT consists of a presiding officer and two other members, who are appointed by the Central Government. These members should have experience in law, economics, accountancy, business administration or finance.
Functions of SAT
The primary function of SAT is to hear and dispose of appeals against orders passed by SEBI or any other regulatory authority in the securities market. It also has the power to hear and dispose of appeals against orders passed by SEBI in the exercise of its powers under the Depositories Act, 1996 and the Securities Contracts (Regulation) Act, 1956.
Powers of SAT
SAT has the same powers as a civil court while trying a suit under the Code of Civil Procedure, 1908. It can summon and enforce attendance of witnesses, receive evidence on affidavits, requisition any public record or document, and issue commissions for the examination of witnesses or documents.
Conclusion
In conclusion, the Securities Appellate Tribunal is an important body in the Indian securities market. Its role in hearing appeals against orders passed by SEBI ensures that there is a fair and transparent system of dispute resolution. The appointment of the presiding officer by the Central Government in consultation with the Chief Justice of India ensures that the appointment is made in a transparent and fair manner.
Appointment of Presiding Officer
The presiding officer of SAT shall be appointed by the Central Government in consultation with the Chief Justice of India. This ensures that the appointment is made in a transparent and fair manner.
Composition of SAT
SAT consists of a presiding officer and two other members, who are appointed by the Central Government. These members should have experience in law, economics, accountancy, business administration or finance.
Functions of SAT
The primary function of SAT is to hear and dispose of appeals against orders passed by SEBI or any other regulatory authority in the securities market. It also has the power to hear and dispose of appeals against orders passed by SEBI in the exercise of its powers under the Depositories Act, 1996 and the Securities Contracts (Regulation) Act, 1956.
Powers of SAT
SAT has the same powers as a civil court while trying a suit under the Code of Civil Procedure, 1908. It can summon and enforce attendance of witnesses, receive evidence on affidavits, requisition any public record or document, and issue commissions for the examination of witnesses or documents.
Conclusion
In conclusion, the Securities Appellate Tribunal is an important body in the Indian securities market. Its role in hearing appeals against orders passed by SEBI ensures that there is a fair and transparent system of dispute resolution. The appointment of the presiding officer by the Central Government in consultation with the Chief Justice of India ensures that the appointment is made in a transparent and fair manner.
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With reference to the Securities Appellate Tribunal,consider the follo...
Recently, the Securities Appellate Tribunal (SAT) quashed the order passed by the Securities and Exchange Board of India (Sebi) cancelling Brickwork Ratings' licence as a credit rating agency.
- Securities Appellate Tribunal is a statutory body established under the provisions of the Securities and Exchange Board of India Act, 1992.
- It hears and disposes of appeals against orders passed by the Securities and Exchange Board of India, the Pension Fund Regulatory and Development Authority (PFRDA) and the Insurance Regulatory Development Authority of India (IRDAI).
- Composition:
- It consists of a Presiding Officer & Two other members.
- The Presiding officer shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.
- It has the same powers as vested in a civil court under the code of civil procedure while trying a suit.
Hence both statements are correct.
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With reference to the Securities Appellate Tribunal,consider the following statements: It is a statutory body established under the Securities and Exchange Board of India Act, 1992. The presiding officer shall be appointed by the Central Government in consultation with the Chief Justice of India.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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