Securities and Appellate Tribunal left with 2 members, one short of quorum

The Securities and Appellate Tribunal (SAT) is lacking a quorum to pass orders, following retirement of a member.

The tribunal has two members—presiding officer J P Devadhar and C K G Nair— after the retirement of Jog Singh on February 19. Rules require a three-member panel to hear appeals on orders passed by regulatory bodies. According to sources, the new appointment would take four to six months.

Apart from the Securities and Exchange Board of India (Sebi), the tribunal also hears cases against orders issued by the Insurance Regulatory and Development Authority of India and the Pension Fund Regulatory and