The government Thursday approved creation of the post of technical member in the Securities Appellate Tribunal (SAT) to expeditious disposal of appeal cases.
SAT deals with appeals filed against the orders of the Securities and Exchanges Board of India (Sebi), the Insurance Regulatory and Development Authority of India (Irdai) and the Pension Fund Regulatory and Development Authority (PFRDA).
"The Union Cabinet has approved the proposal for creation of the post of technical member in the Securities Appellate Tribunal (SAT), Mumbai, at the level of secretary to the Government of India in the (monthly) pay scale of Rs 2.25 lakh (fixed)," an official statement said.
It said the creation of the post would facilitate the creation of an additional bench in SAT, Mumbai, thereby allowing speedy disposal of the increased number of appeals. It will be much beneficial to investors, pensioners and the general public.
"The securities market and the insurance sector are growing rapidly. With increase in the volume of trading in securities market, and clients in the insurance sector, it is likely that the grievances will also increase. Therefore, it is necessary that a speedy redressal system is established," the statement added.