Can SAT Function Without the Presence of a “Judicial Member”? Has the Conundrum Been Resolved?

[Ravishekhar Pandey and Amarpal Singh Dua are independent securities law practitioners] On 29 December 2023, Justice Tarun Agarwala retired and demitted office as the Presiding Officer (PO) of the Securities Appellate Tribunal (SAT), which hears appeals against orders passed by the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI)...

A Tribunal Benched

The Securities Appellate Tribunal has yet again been rendered dysfunctional.  I wrote a piece in the Business Standard last week about how, yet again, the functioning of the tribunal for substantive final hearings has come to a halt.   As the appellate tribunal that is exclusively empowered to hear appeals against every order of the Securities and Exchange Board of India, the Insurance Regulatory...

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