Ministry of Finance appointed Retired justice PS Dinesh Kumar as the presiding officer of the Securities Appellate Tribunal (SAT) for four years. Justice Dheeraj Bhatnagar, retired principal chief commissioner of income tax was also appointed as the technical member of SAT
About Securities Appellate Tribunal
- It is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992.
- Mandate: It hears and disposes of appeals against orders passed by (i) Securities and Exchange Board of India (SEBI) (ii) Insurance Regulatory and Development Authority of India (IRDAI) (iii) Pension Fund Regulatory and Development Authority (PFRDA)
- Bench: It has only one bench which sits in Mumbai, Maharashtra. Its jurisdiction extends to whole of India.
- Composition: It consists of a Presiding Officer who will be a retired judge and such number of Judicial Members and Technical Members as Central Government may determine.
- Appointment Process: The appointment of Presiding officer and other members is done by a committee headed by Prime Minister of India.