In an important reminder to regulatory agencies to adhere to judicial discipline, the Securities Appellate Tribunal has passed an order setting aside an adjudication order passed by the Securities and Exchange Board of India for ignoring the ratio laid down in another order passed by another adjudicating officer. The SAT has directed that the matter be placed before another adjudicating...
The crisis that SAT is heading towards
On November 1, 2012, this blog had a post on a writ petition relating to the absence of a Presiding Officer in the Securities Appellate Tribunal (“SAT”). I wrote a piece in the Business Standard in my column on November 12, 2012 about how the SAT needs to be handled with care. Since then, some more facts have become apparent. One of the remaining two members of the SAT will...
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