SEBI | Securities Appellate Tribunal: SAT Lawyer, SAT Advocate, SAT Lawyers, SAT Advocates

SEBI | Securities Appellate Tribunal: SAT Lawyer, SAT Advocate, SAT Lawyers, SAT Advocates

The Securities and Exchange Board of India (SEBI) is the regulatory body in India for the securities market. It was established in 1988 and given statutory powers in 1992 through the SEBI Act, 1992. SEBI’s mandate includes protecting the interests of investors in securities, promoting the development of the securities market, and regulating the securities market and related intermediaries.

The Securities Appellate Tribunal (SAT) is a quasi-judicial body established under the SEBI Act, 1992. It hears appeals against decisions made by SEBI or by designated authorities under the Act. SAT provides an alternative forum for aggrieved parties to seek redressal against SEBI’s orders or actions. It has the authority to uphold, modify, or reverse SEBI’s decisions.

SAT plays a crucial role in ensuring fairness, transparency, and accountability in the Indian securities market by providing an avenue for parties dissatisfied with SEBI’s decisions to seek impartial adjudication. The decisions of SAT can have significant implications for market participants, regulatory enforcement, and investor protection in India.

The Securities and Exchange Board of India (SEBI) is a regulatory body in India that oversees the securities market. It was established in 1992 under the Securities and Exchange Board of India Act, 1992. SEBI’s main functions include:

• Protecting the interests of investors in securities
• Promoting the development of, and to regulate the securities market
• Prohibiting unfair trade practices in the securities market

The Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992. It hears and disposes of appeals against orders passed by SEBI or by an adjudicating officer under the Act. The SAT is not bound by the procedure laid down by the Code of Civil Procedure, 1908, but is guided by the principles of natural justice.

Here’s a table summarizing the key differences between SEBI and SAT:

Feature	SEBI	SAT
Function	Regulates the securities market	Hears appeals against orders passed by SEBI
Established by	Securities and Exchange Board of India Act, 1992	Securities and Exchange Board of India Act, 1992
Bound by	SEBI Act and rules	Principles of natural justice

Differences between SEBI and SAT

SEBI (Securities and Exchange Board of India) and SAT (Securities Appellate Tribunal) are both entities involved in the regulation and oversight of the securities market in India, but they serve distinct roles and have different functions. Here are the key differences between SEBI and SAT:

1. Regulatory Authority vs. Adjudicatory Body:
   • SEBI is a regulatory authority responsible for overseeing and regulating the securities market in India. It formulates policies, enforces regulations, and monitors market activities to ensure fairness, transparency, and investor protection.
   • SAT, on the other hand, is an adjudicatory body established to adjudicate appeals against decisions made by SEBI or by designated authorities under the SEBI Act, 1992. It functions as a quasi-judicial tribunal, providing an independent forum for aggrieved parties to challenge SEBI’s orders or actions.
2. Functions and Responsibilities:
   • SEBI’s primary functions include protecting the interests of investors in securities, promoting the development of the securities market, regulating various market participants such as stock exchanges, brokers, and listed companies, and enforcing securities laws and regulations.
   • SAT’s main responsibility is to hear and adjudicate appeals filed against SEBI’s orders, decisions, or actions. It reviews the legality, validity, and fairness of SEBI’s actions and ensures that justice is served to parties aggrieved by regulatory decisions.
3. Decision-Making Authority:
   • SEBI has the authority to make regulations, issue directives, impose penalties, and take enforcement actions to maintain the integrity and stability of the securities market. Its decisions are typically administrative and regulatory in nature.
   • SAT has the authority to review SEBI’s decisions on appeal, and it can uphold, modify, or reverse SEBI’s orders based on the merits of the case and applicable laws. SAT’s decisions are quasi-judicial and legally binding.
4. Composition:
   • SEBI is composed of a chairman, members, and staff appointed by the Government of India. It comprises professionals with expertise in finance, law, economics, and securities market regulation.
   • SAT is typically headed by a presiding officer, who is a retired judge of the Supreme Court of India or a retired Chief Justice of a High Court. SAT also includes members who are experts in law, finance, or securities market operations.
5. Role in Investor Protection and Market Development:
   • SEBI plays a crucial role in safeguarding investor interests, maintaining market integrity, and fostering the development of a fair, efficient, and transparent securities market in India.
   • SAT contributes to investor protection by providing a mechanism for aggrieved parties to seek redressal against SEBI’s decisions, thereby ensuring accountability and procedural fairness in regulatory actions.

In summary, while SEBI is the primary regulatory authority responsible for overseeing the securities market in India, SAT serves as an appellate tribunal that reviews and adjudicates appeals against SEBI’s decisions, thereby ensuring checks and balances in the regulatory framework.

The key differences between SEBI and SAT in the Indian securities market:

Function:

• SEBI (Securities and Exchange Board of India): Acts as the regulator, overseeing the entire securities market. It protects investors, promotes market development, and prohibits unfair practices.
• SAT (Securities Appellate Tribunal): Functions as an appellate body. It hears appeals against orders passed by SEBI or its adjudicating officers.

Power:

• SEBI: Holds wide-ranging powers. It can issue regulations, conduct investigations, and impose penalties for violations.
• SAT: Limited to reviewing SEBI’s decisions. It can uphold, modify, or set aside SEBI’s orders based on the presented arguments.

Position:

• SEBI: Higher in the hierarchy. Its decisions are subject to appeal at the SAT.
• SAT: Considered superior in its quasi-judicial role. However, SEBI can still challenge SAT’s orders in the Supreme Court. (This arises due to SEBI’s multi-faceted role – regulator and issuer of orders – which can be appealed against).

Procedure:

• SEBI: Follows procedures established by the SEBI Act and its own regulations.
• SAT: Not bound by the strictures of the Civil Procedure Code. It functions based on the principles of natural justice, ensuring fairness in hearings.

Analogy: Imagine SEBI as the market watchdog, enforcing the rules. If you disagree with an action they take, SAT acts like a court, reviewing the case and delivering a final verdict within the legal framework.

Securities Appellate Tribunal (SAT)

1. Jurisdiction under SEBI Act, 1992: SAT was established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992. Its primary role is to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India (SEBI) or by an adjudicating officer under the Act.
2. Expansion of Jurisdiction:
   • With Government Notification No.DL-33004/99 dated 27th May, 2014, SAT’s jurisdiction was expanded to include appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA) under the PFRDA Act, 2013. This means that SAT also hears and disposes of appeals related to pension fund regulation.
   • Additionally, with Government Notification No.DL-(N)/04/0007/2003-15 dated 23rd March, 2015, SAT’s jurisdiction was further expanded to encompass appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI) under various insurance-related acts and regulations, including the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972, and the Insurance Regulatory and Development Authority Act, 1999, along with rules and regulations framed thereunder.
3. Exercise of Powers and Authority: SAT exercises jurisdiction, powers, and authority conferred upon it by or under the SEBI Act, 1992, as well as any other law for the time being in force. This includes the powers to review and adjudicate appeals, uphold, modify, or reverse orders, and ensure procedural fairness in regulatory actions.

Overall, SAT’s expanded jurisdiction underscores its importance as a quasi-judicial body not only for matters related to securities regulation under the SEBI Act but also for appeals in the realms of pension fund regulation and insurance regulation, thereby contributing to the overall regulatory framework and investor protection in India.

• The Finance Act, 2017
• Securities and Exchange Board of India Act 1992 As amended by The Finance Act 2017
• Depositories Act 1996 As amended by The Finance Act, 2017
• Securities Contracts (Regulation) Act 1956 As amended by The Finance Act, 2017
• Finance (Removal of Difficulties) Order, 2017
• Gazette Notification – Finance Act, 2017
• The Insurance Laws (Amendment) Act, 2015
• Depositories (appeal to SAT) Rules 2000
• Depositories (appeal to Securities Appellate tribunal) (Amendment) Rules 2000
• Securities Contract (Regulation) (Appeal to Securities Appellate Tribunal) Rules 2000
• Securities Appellate Tribunal (Procedure) Rules, 2000
• Pension Fund Regulatory and Development Authority (Appeal to Securities Appellate Tribunal) Rules, 2014
• Securities Appellate Tribunal (Salaries, Allowances And Other Terms And Conditions Of Presiding Officer And Other Members) Rules, 2003
• Securities Appellate Tribunal (Salaries And Allowances And Other Conditions Of Service Of The Officers And Employees) Rules,1997
• Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2017

The Securities Appellate Tribunal has only one bench which sits at Mumbai.

SAT CALENDAR 2024 Securities Appellate Tribunal

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Securities Appellate Tribunal Address

Address: Securities Appellate Tribunal, Earnest House, 14^th floor,

NCPA Marg, Nariman Point, Mumbai -400021.

Email-ID – registrar-sat[at]nic[dot]in

Website: https://sat.gov.in

What does SAT Lawyers do? SEBI | Securities Appellate Tribunal: SAT Lawyers, SAT Advocates, SAT Lawyer, SAT Advocate

Lawyers who specialize in representing clients before the Securities Appellate Tribunal (SAT) typically engage in a variety of activities related to SAT proceedings. Here’s an overview of what SAT lawyers do:

1. Case Analysis and Consultation: SAT lawyers analyze the facts and legal issues of a case to determine its strengths, weaknesses, and potential outcomes. They consult with their clients to provide legal advice and guidance on the best course of action.
2. Drafting Legal Documents: SAT lawyers prepare and draft various legal documents, including petitions, appeals, written submissions, affidavits, and legal opinions. These documents are crucial for presenting arguments and evidence before SAT.
3. Representation in SAT Proceedings: SAT lawyers represent their clients during SAT hearings and proceedings. They present arguments, examine witnesses, cross-examine opposing witnesses, and make oral submissions to advocate for their clients’ interests.
4. Research and Case Preparation: SAT lawyers conduct thorough legal research to understand relevant laws, regulations, precedents, and case law. They gather evidence, compile case materials, and prepare strategies to effectively present their client’s case before SAT.
5. Negotiation and Settlement: SAT lawyers may engage in negotiation with opposing parties or regulatory authorities to explore the possibility of settlement outside of formal SAT proceedings. They negotiate terms and conditions that are favorable to their clients while also considering the legal and regulatory implications.
6. Appellate Advocacy: SAT lawyers handle appeals of SEBI or other regulatory authority decisions, challenging adverse rulings or seeking modifications. They prepare appellate briefs, argue before the tribunal, and advocate for their clients’ positions on appeal.
7. Compliance and Regulatory Advice: SAT lawyers provide ongoing advice and guidance to clients on compliance with securities laws, regulations, and SAT rulings. They help clients navigate regulatory requirements, mitigate legal risks, and ensure adherence to regulatory standards.

Overall, SAT lawyers play a crucial role in advocating for their clients’ interests, ensuring due process, and navigating the complexities of securities regulation and litigation before the Securities Appellate Tribunal.

SAT Lawyers wouldn’t necessarily be a single, unified group. “SAT” can refer to the Securities Appellate Tribunal in India, and lawyers specializing in that area would handle a specific type of legal case.

Here’s a breakdown of what lawyers specializing in matters before the SAT likely focus on:

• Appeals: These lawyers represent clients appealing decisions made by SEBI (Securities and Exchange Board of India). SEBI regulates the Indian securities market, so appeals could involve disputes over penalties, regulations, or other rulings impacting companies or investors.
• Securities Law: They would have a deep understanding of securities law in India, including the Securities and Exchange Board of India Act. This knowledge is crucial for effectively arguing cases before the SAT.
• Litigation: These lawyers would have strong litigation skills, experienced in presenting arguments before the SAT tribunal. This might involve drafting legal documents, preparing witnesses, and arguing the client’s case during hearings.

In essence, SAT lawyers act as advocates for clients navigating the appeals process within the Indian securities market.