The Central government on January 3 notified the appointment of former Allahabad High Court Judge Justice Mayank Kumar Jain as the second judicial member of Securities Appellate Tribunal (SAT). .A notification to that effect was issued by the Union Finance Ministry in the gazette. "In exercise of powers conferred by Sub-section (2) of Section 3 and clause (ii) of section 5 of the Tribunals Reforms Act, 2021 (33 of 2021) read with clause (b) of sub-rule (7) of rule 3 and sub-rule (2) of rule 10 of Tribunal (Conditions of Service) Rules, 2021 the Central Government hereby appoints Justice Mayank Kumar Jain, Former Judge, High Court of Allahabad, as Judicial Member of the Securities Appellate Tribunal," a gazette notification said. .Established under the Securities and Exchange Board of India Act, 1992 (SEBI Act), the SAT serves as an appellate authority for orders passed by SEBI. This includes decisions related to insider trading, market manipulation, violations of securities market regulations and other matters within SEBI's purview.In addition to hearing appeals against SEBI orders, the SAT also has jurisdiction over appeals against orders passed by the Insurance Regulatory and Development Authority of India (IRDAI)..The SAT is currently functioning with a single bench comprising Justice Dinesh Kumar as the Presiding Officer along with Meera Swarup and Dr. Dheeraj Bhatnagar as Technical Members.Justice Dinesh Kumar, a former Karnataka High Court judge, assumed the role of Presiding Officer on April 29, 2024.It is expected that the appointment of Justice Jain will lead to the establishment of a second bench at the SAT..Justice Jain was born on November 4, 1962 and graduated in law from Meerut University in 1984. He enrolled as an advocate in 1985 and initially practiced civil law in Muzaffarnagar from 1985 to 1990.He was appointed as Munsif in 1990..He was appointed as an additional judge of the Allahabad High Court on August 15, 2022, and was made a permanent judge on September 25, 2023. Justice Jain retired from office on November 3, 2024..[Read Notification]
