SAT rejects Sebi view, rules tribunal can function sans technical member
The Securities Appellate Tribunal has turned down the inventory current market regulator’s argument that it are not able to go orders devoid of a specialized member on the tribunal.
The previously specialized member, C K G Nair, had retired on March 31, 2021. The Securities Board of India had taken the situation that SAT couldn’t go orders devoid of a specialized member being appointed. The situation had been taken in various appeals. The tribunal passed an buy in the issue of Axis Lender on Monday.
“…we are of the confirmed belief that the operating of the Tribunal presently consisting of a Presiding Officer and a Judicial Member is not defective on account of non-availability of a specialized member,” it explained.
Nevertheless, it remarked that vacancies should not be authorized to develop up. It pointed out that a fourth write-up of specialized member had been produced in March 2019. This has