Royzz & Co
The SAT has held that tribunals can function sans a technical member
The Securities and Exchange Board of India (SEBI) had, in many appeals, taken the position that the Securities Appellate Tribunal (SAT) does not have the power to pass orders until a technical member had been appointed to the tribunal. In a matter involving Axis Bank, the SAT has held that the tribunal, consisting of a Presiding Officer and a Judicial Member is not defective as a result of the non availability of a technical member. The matter has also been referred to the Supreme Court for final resolution. In the interim, the tribunal has held that the SAT will continue to function and hear matters until a competent court rules otherwise.