SAT: Justice Mayank Kumar Jain has been appointed as the second judicial member of the Securities Appellate Tribunal (SAT) by the Central Government.
Who is Justice Mayank Kumar Jain?
He previously served as a judge in the Allahabad High Court and will hold this position for four years or until he turns 67. The Finance Ministry made the official announcement in a notification published in the Official Gazette on January 3.
What is SAT?
SAT is a statutory body created under the Securities and Exchange Board of India (SEBI) Act, responsible for hearing appeals against decisions made by SEBI, the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA). The tribunal also deals with issues related to market manipulation, trading violations, and other matters within SEBI’s scope. It operates under the Ministry of Finance, with its sole branch located in Mumbai.
SAT is functioning with a single bench
At present, SAT is functioning with a single bench led by former Karnataka High Court judge Dinesh Kumar, who assumed this role in April 2024. The tribunal also includes technical members Meera Swaroop and Dheeraj Bhatnagar. The inclusion of Justice Mayank Kumar Jain is anticipated to help speed up the resolution of the increasing number of cases.
After obtaining his law degree from Meerut University in 1984, he began his practice in civil law in Muzaffarnagar, and his judicial career started in 1990 when he was appointed as a Munsif. By December 2008, he had progressed to the Higher Judicial Services (HJS) cadre.