SAT left with just one member; hearings in over 400 appeals on halt

At present, SAT has just one member CKG Nair, who is not a judicial member. As a result, functioning of SAT will remain virtually grounded until a new presiding officer takes charge.

The Securities and Appellate Tribunal (SAT), a quasi-judicial body that hears appeals pertaining to the securities, insurance and pension markets, has not taken up a single case in the last fortnight, due to lack of quorum. With Presiding Officer J P Devadhar demitting office early this month, the appellate tribunal is effectively out of commission.  

This has halted hearings in over 400 appeals against orders issued by the Securities and Exchange Board of India (Sebi). Other than this, the tribunal also appeals against orders by the Insurance Regulatory and Development Authority (Irdai) and the Pension Fund Regulatory and Development Authority