Justice Dinesh Kumar Appoints as the SAT Presiding officer

Justice (retired) Dinesh Kumar took charge as the Presiding Officer of the Securities Appellate Tribunal (SAT) on 29 April 2024. The government of India appointed Justice Dinesh Kumar for a four-year term. Before taking over as the presiding officer of SAT, Justice Dinesh Kumar was the chief justice of the Karnataka High Court. He retired from the post in February 2024.

The SAT has been functioning without a presiding officer for the last four months, as the last presiding officer, Justice Tarun Aggarwal, retired in December 2023.

Dheeraj Bhatnagar also took charge as the technical member of the tribunal. He has been appointed for a term of four years or till he reaches the age of 67, whichever is earlier. Dheeraj Bhatnagar retired as principal chief commissioner of Income Tax Delhi. The other member of the three-member SAT is Meera Swarup.

About Securities Appellate Tribunal

The Securities Appellate Tribunal is a statutory body established in 1992 under the provisions of the Securities Exchange Board of India Act 1992.

Functions of SAT

The Securities Appellate Tribunal was set up to replace the High Court. It hears appeals against the following financial regulators.

• Orders and rulings of the capital market regulator, Securities Exchange Board of India (SEBI).
• Orders and rulings of the pension sector regulator Pension Fund Regulatory and Development Authority (PFRDA).
• Orders and rulings of the Insurance sector regulator Insurance Regulatory Development Authority of India (IRDAI).

Composition of SAT

The SAT consists of a Presiding Officer and other judicial and technical members.

The central government has the power to prescribe the total number of members of the SAT, which currently consists of three members, including the Presiding officer.

The Presiding Officer qualification;

The person must be; Retired or a sitting judge of the Supreme Court

Or

Chief Justice of a High Court

Judicial Member qualification

A person to be appointed for the post of judicial member must possess the following qualification:

• Age not less than 50.
• has been a judge of a High Court,
• has been an advocate for ten years with substantial experience in litigation in matters relating to the financial sector before the Securities Exchange Board of India, Securities Appellate Tribunal, High Court or Supreme Court

Technical member qualification

A person who has been Secretary or an Additional Secretary in the Ministry/ Department of the government of India or any equivalent post in the Central Government or a State Government

or

A person with special knowledge and professional experience of not less than 15 years in the financial sector, including the securities market, pension funds, commodity derivatives, or insurance.

Appointment of the SAT member

The Presiding Officer and Judicial Members are appointed by the government of India in consultation with the Chief Justice of India or its nominee.

Tenure

• The tenure for the Presiding Officer and other members will be five years from the date of appointment, and they shall be eligible for re-appointment for a maximum of five more years.
• The maximum age of the Presiding officer or the member shall not be more than 70 years.
• However, the government has the power to specify the tenure while appointing the Presiding Officer and other members.

Appeal against the Order of SAT

The rulings of the SAT can be challenged only in the Supreme Court.

Jurisdiction

The SAT has jurisdiction all over India. Its bench is in Mumbai.