What Is The Full Form Of SAT In Law?

SAT full form in law is Securities Appellate Tribunal. This is an autonomous and statutory body set up under Section 15K of the Securities and Exchange Board of India (SEBI) Act, 1992, with the primary purpose of reviewing and deciding on appeals against the decisions made by the Securities and Exchange Board of India (SEBI) or its adjudicating officers. In addition, SAT hears matters related to other regulatory bodies, such as the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA).

Summary of SAT:

SAT has been essential for the Indian financial landscape because of the reason that it provides a critical platform for the resolution of disputes arising in connection with securities and the financial markets. It ensures that there is judicial oversight of the regulatory decisions affecting the financial sectors.

Features and Composition of SAT:

The SAT consists of a Presiding Officer and other Members possessing specialized knowledge of law, securities market, finance, economics, or accountancy. The Presiding Officer is usually a sitting or retired judge from the Supreme Court or a High Court. Equipped with the same legal powers as a civil court under the Code of Civil Procedure, 1908, the SAT can summon witnesses, demand documents, and accept evidence on affidavits, performing multifarious judicial functions. Under normal circumstances, all appeals to SAT should be preferred within 45 days from receipt of the order under challenge, subject to the provisions of extension in some instances. The decisions, while being strictly on legal grounds, are challengeable before the Supreme Court of India.