Question

On an appeal filed by Almondz Global Securities Ltd SAT has recently pulled up SEBI for lack of uniformity in penalising players. Consider the following statements about SAT:

Which of the above statement(s) is/are correct?

• A. Only 1,3,4 &5
• B. Only 2,3,4&5
• C. Only 1,2,3&4
• D. All1,2,3,4&5

Answer 1

The correct option is D All1,2,3,4&5

Securities Appellate Tribunal (SAT), which hears and disposes of appeals against orders passed by the likes of SEBI, IRDA and PFRDA, will have more members and benches. The FM in his Budget speech said the SEBI Act will be amended in FY17 for this purpose. At present, SAT has only one bench which sits in Mumbai. Justice JP Devadhar is the presiding officer and its other two members are Jog Singh and CKG Nair. SAT is a quasi judicial body. Securities Appellate Tribunal is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India or by an adjudicating officer under the Act and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under this Act or any other law for the time being in force. It covers the whole of India.