Key features of the Securities Appellate Tribunal (SAT) in India.
The primary function of SAT is to hear and adjudicate appeals against orders passed by SEBI. These appeals may be filed by any person aggrieved by SEBI's decisions, including market participants, listed companies, intermediaries, or investors.
SAT exercises the powers of a civil court and has the authority to summon and enforce the attendance of witnesses, receive evidence, and examine witnesses under oath. It also has the power to require the discovery and production of documents.
SAT consists of a Presiding Officer and at least two other members appointed by the Indian government. The Presiding Officer is usually a sitting or retired judge of the Supreme Court of India, and the other members typically have experience in law, economics, finance, or accountancy.
An appeal before SAT must generally be filed within a specified period from the date of the impugned order by SEBI. The SAT hears the appeal and passes appropriate orders after considering the facts and legal aspects of the case.
SAT has the power to confirm, modify, or set aside the order appealed against. Its decisions are binding on the parties involved in the appeal and can be further challenged in the Indian courts only on questions of law.
The scope of SAT's jurisdiction is restricted to reviewing the legality and correctness of SEBI's orders. It does not have the authority to adjudicate on issues that fall outside the purview of securities laws or review the merits of SEBI's decisions in detail.
SAT operates independently and is not subject to the direct control of SEBI or any other regulatory authority. This autonomy is vital to ensure impartiality in its decision-making process.
