Split verdict in Sebi-PNB Housing case underscores SAT's exigency

The tribunal lacks a third member to fall back upon, thus putting the PNB Housing plea in a limbo

The split verdict in the PNB Housing-Sebi matter on Monday has once again underscored the pain the capital market ecosystem has to face due to indefinite delay in filling up vacancies at the Securities Appellate Tribunal (SAT).

At present, SAT—which entertains appeals of those aggrieved with the directives passed by market regulator Sebi, insurance regulator Irdai and pension sector regulator PFDRA—if functioning with just two members—presiding officer Tarun Agarwala and judicial member M T Joshi.

On March 31, 2021, technical member C K G Nair retired, casting a cloud on whether the tribunal can function and pass orders. In March