The Securities Appellate Tribunal (SAT) is a quasi-judicial body in India that hears appeals against decisions made by regulatory authorities in the securities market. The establishment of SAT is in line with the regulatory framework for securities and financial markets in India.
The Securities Appellate Tribunals shall have, for the purposes of discharging their functions under SEBI Act, 1992, the same powers as are vested in a Civil Court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:
(a) summoning and enforcing the attendance of any person and examining him on oath;
(b) requiring the discovery and production of documents;
(c) receiving evidence on affidavits;
(d) issuing commissions for the examination of witnesses or documents;
(e) reviewing its decisions;
(f) dismissing an application for default or deciding it ex parte;
(g) setting aside any order of dismissal of any application for default or any order passed by it ex parte;
(h) any other matter which may be prescribed.
The comprehensive powers vested in Securities Appellate Tribunal (SAT) contribute to its effectiveness as an appellate tribunal, providing a forum for fair, transparent, and expeditious resolution of disputes in the Indian securities market. The tribunal’s role is crucial in upholding the principles of justice, protecting investor interests, and ensuring the proper functioning of the securities regulatory framework.