Centre looks to fill SAT vacancies as tribunal runs with just two members

The government has invited applications to fill two vacant positions for technical members at the Securities Appellate Tribunal (SAT). One position has been lying vacant since May 2019, the other, since April 2021, as per a circular floated by the government on October 2.

SAT is a quasi-judicial body that hears appeals against orders passed by market regulator Sebi, insurance regulator Irdai and pension sector regulator PFDRA. Currently, the tribunal is functioning with just two members--Presiding Officer Tarun Agarwala and Judicial Member M T Joshi. Since the retirement of Technical Member CKG Nair earlier this year, the tribunal has not been able to function and pass orders efficiently. In August, the tribunal issued a split verdict in the PNB Housing Finance capital infusion case, prompting market regulator Sebi to approach the Supreme Court. A couple of months ago, the Supreme Court had censured the central government over a large number of vacancies in various tribunals across the country.

Those applying for the SAT position, should be of at least 51 years of age. Should have held the post of additional secretary in the ministry or department of the central government or any equivalent or higher post in the central government or a state government. Need to have at least 25 years of experience in the financial sector. The technical members are offered a salary of Rs 225,000 per month. If they earn any pension, the pay is reduced by the gross amount of pension drawn.