Correct Answer : Dinesh Kumar
Justice (retired) Dinesh Kumar took charge as the Presiding Officer of the Securities Appellate Tribunal (SAT) on 29 April 2024. The government of India appointed Justice Dinesh Kumar for a four-year term. Before taking over as the presiding officer of SAT, Justice Dinesh Kumar was the chief justice of the Karnataka High Court. He retired from the post in February 2024.
* The SAT has been functioning without a presiding officer for the last four months, as the last presiding officer, Justice Tarun Aggarwal, retired in December 2023.
* Dheeraj Bhatnagar also took charge as the technical member of the tribunal. He has been appointed for a term of four years or till he reaches the age of 67, whichever is earlier. Dheeraj Bhatnagar retired as principal chief commissioner of Income Tax Delhi. The other member of the three-member SAT is Meera Swarup.
About Securities Appellate Tribunal
The Securities Appellate Tribunal is a statutory body established in 1992 under the provisions of the Securities Exchange Board of India Act 1992.
Functions of SAT :The Securities Appellate Tribunal was set up to replace the High Court. It hears appeals against the following financial regulators.
* Orders and rulings of the capital market regulator, Securities Exchange Board of India (SEBI).
* Orders and rulings of the pension sector regulator Pension Fund Regulatory and Development Authority (PFRDA).
* Orders and rulings of the Insurance sector regulator Insurance Regulatory Development Authority of India (IRDAI).
Composition of SAT :
* The SAT consists of a Presiding Officer and other judicial and technical members.
* The central government has the power to prescribe the total number of members of the SAT, which currently consists of three members, including the Presiding officer.
The Presiding Officer qualification;
* The person must be; Retired or a sitting judge of the Supreme Court
Or
* Chief Justice of a High Court
Judicial Member qualification
A person to be appointed for the post of judicial member must possess the following qualification:
* Age not less than 50.
* has been a judge of a High Court,
* has been an advocate for ten years with substantial experience in litigation in matters relating to the financial sector before the Securities Exchange Board of India, Securities Appellate Tribunal, High Court or Supreme Court
