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Consider the following statements regarding the Securities Appellate Tribunal (SAT):
- It hears appeals against orders issued by the Securities and Exchange Board of India (SEBI).
- A person aggrieved by an order of the SAT can file an appeal to the Supreme Court.
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
Consider the following statements regarding the Securities Appellate T...
The correct answer is option 'C' - Both 1 and 2.
Explanation:
1. It hears appeals against orders issued by the Securities and Exchange Board of India (SEBI)
- The Securities Appellate Tribunal (SAT) is a statutory body established under the Securities and Exchange Board of India Act, 1992.
- SAT has the authority to hear and dispose of appeals against orders issued by SEBI, which is the regulatory body for the securities market in India.
- SEBI is responsible for ensuring the orderly development and regulation of the securities market and protecting the interests of investors.
- If a person is aggrieved by an order issued by SEBI, they can file an appeal before SAT to seek a review or reversal of the decision.
2. A person aggrieved by an order of the SAT can file an appeal to the Supreme Court
- The second statement is also correct. If a person is not satisfied with the decision of SAT, they have the right to file an appeal to the Supreme Court of India.
- The Supreme Court is the highest judicial authority in the country and has the power of judicial review over the decisions of lower courts and tribunals.
- The Supreme Court can examine the legal validity of the decision taken by SAT and may either uphold it or overturn it based on the merits of the case.
Therefore, both statements given in the question are correct. SAT is an appellate tribunal that hears appeals against orders issued by SEBI, and a person aggrieved by an order of SAT can file an appeal to the Supreme Court for further review and consideration.
Explanation:
1. It hears appeals against orders issued by the Securities and Exchange Board of India (SEBI)
- The Securities Appellate Tribunal (SAT) is a statutory body established under the Securities and Exchange Board of India Act, 1992.
- SAT has the authority to hear and dispose of appeals against orders issued by SEBI, which is the regulatory body for the securities market in India.
- SEBI is responsible for ensuring the orderly development and regulation of the securities market and protecting the interests of investors.
- If a person is aggrieved by an order issued by SEBI, they can file an appeal before SAT to seek a review or reversal of the decision.
2. A person aggrieved by an order of the SAT can file an appeal to the Supreme Court
- The second statement is also correct. If a person is not satisfied with the decision of SAT, they have the right to file an appeal to the Supreme Court of India.
- The Supreme Court is the highest judicial authority in the country and has the power of judicial review over the decisions of lower courts and tribunals.
- The Supreme Court can examine the legal validity of the decision taken by SAT and may either uphold it or overturn it based on the merits of the case.
Therefore, both statements given in the question are correct. SAT is an appellate tribunal that hears appeals against orders issued by SEBI, and a person aggrieved by an order of SAT can file an appeal to the Supreme Court for further review and consideration.
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Community Answer
Consider the following statements regarding the Securities Appellate T...
The Securities Appellate Tribunal (SAT) recently quashed a SEBI order banning Future Retail chairperson and some other promoters from the securities market for one year in an insider trading case.
About Securities Appellate Tribunal (SAT):
- It is formed as a statutory and autonomous body as per the provisions of the Securities and Exchange Board of India (SEBI) Act, 1992.
- It was mainly established to hear appeals against orders passed by the SEBI or by an adjudicating officer under the SEBI Act.
- The SAT hears appeals against the following orders:
- 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 SEBI.
- Composition: SAT consists of one Presiding Officer and such number of Judicial and Technical members as the Central Government may determine.
- The person so appointed as the presiding Officer should meet the following requirements:
- The retired or sitting judge of the Supreme Court
- Chief Justice of the High Court
- Judge of the High Court, who has completed at least seven years of service as a judge in a high court.
- Judicial Member: Judge of the High Court for at least five years of service
- Technical Member:
- Secretary or an Additional Secretary in the Ministry or Department of the Central Government or any equivalent post in the Central Government or a State Government; or
- Person of proven ability, integrity, and standing, having special knowledge and professional experience of not less than 15 years in the financial sector, including the securities market, pension funds, commodity derivatives, or insurance.
- The Presiding Officer and Judicial Members shall be appointed by the Central Government in consultation with the Chief Justice of India or its nominee.
- Tenure: The tenure for the Presiding Officer and other members will be five years from the date of appointment, and they shall be eligible for re-appointment for another term of maximum five years.
- However, no presiding officer or member shall hold office after he/she has attained the age of 70.
- SAT has the same powers as vested in a civil court under the code of civil procedure while trying a suit.
- Who can make an appeal?
- Every person aggrieved by the order of the SEBI or adjudicating officer is liable to make an appeal to the SAT.
- No appeal can be made to the SAT against any order made with the consent of the parties.
- Appeal against the orders of the SAT:
- Every person aggrieved by any order or decision of SAT can file an appeal to the Supreme Court.
- An appeal can only be made on any question of law.
Hence both statements are correct.
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Consider the following statements regarding the Securities Appellate Tribunal (SAT): It hears appeals against orders issued by the Securities and Exchange Board of India (SEBI). A person aggrieved by an order of the SAT can file an appeal to the Supreme Court.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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