In this SEBI Grade A Exam Notes blog, we will be covering an important topic from the syllabus of SEBI Securities Markets and Law section of the SEBI 2018 Grade A Exam – Securities Appellate Tribunal (SAT). The SEBI Exam syllabus has a direct and separate mention of this topic which makes it a very important topic for overall exam preparation. We will be looking at the formation of SAT, Its Powers, Members of SAT, etc in this edition of Free SEBI Grade A Exam Notes.
SEBI Grade A Exam Notes – Formation of SAT
Securities Appellate Tribunal (SAT) was formed and set up at Mumbai in 1992 by the Central Government under the provisions of Securities and Exchange Board of India Act, 1992.
SEBI Grade A Exam Notes – Role of SAT
- SAT was formed as a statutory body to hear and dispose of appeals against the orders passed by the SEBI, PFRDA and IRDAI.
- It acts as the Judicial arm of SEBI.
- Its role will be similar to that of a Civil Court when performing its duties.
SEBI Grade A Exam Notes – Members of SAT
- Securities Appellate Tribunal will consist of 3 members and 1 of them would be the presiding officer.
- The Presiding officer of SAT is either a sitting or retired judge of the supreme court or a sitting or retired Chief Justice of the High Court or A sitting or retired Judge of a High court, who has completed at least 7 years of service as a Judge in a High Court.
- The members of SAT should be a person of ability, integrity and standing and he should have shown capacity in dealing with problems relating to securities market. He should also have experience and qualifications related to corporate law, Securities laws, Finance, economics or accountancy.
SEBI Grade A Exam Notes – Powers of SAT
As mentioned above, the Securities Appellate Tribunal’s role is similar to that of a Civil court, hence, its powers are also same as a Civil courts powers as defined under the Code of Civil Procedure, 1908. They are as follows –
- Summoning and enforcing the attendance of any person and examining him on oath;
- Requiring the discovery and production of documents;
- Receiving evidence on affidavits;
- Issuing commissions for the examination of witnesses or documents;
- Reviewing its decisions;
- Dismissing an application for default or deciding it ex parte;
- Setting aside any order of dismissal of any application for default or any order passed by it ex parte; and
- Any other matter which may be prescribed.
(source – Incometaxindia.gov.in)
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That is all from us in this edition of SEBI Grade A Exam notes blog for the 2018 SEBI Grade A Exam. We hope you find the information provided about the Securities Appellate Tribunal useful for your overall SEBI 2018 Exam Preparation. All the best for the SEBI Exam.