The Securities and Exchange Board of India (SEBI)
- It is the regulatory body for securities and commodity market in India
- It operates under the Ministry of Finance.
- SEBI was established on 12 April 1988 as an executive body
- It was given statutory powers on 30 January 1992 through the SEBI Act, 1992.
SEBI is composed by the following members:
- The chairman was nominated by the Union Government of India.
- Two members, i.e., Officers from the Union Finance Ministry and from the Reserve Bank of India.
- The remaining five members are nominated by the Union Government of India. Three of the five members should be full-time members.
Functions
- SEBI's significant functions include:
- Reviewing the market's operational structure
- Overseeing the registration and regulation of market intermediaries
- Regulating mutual funds, venture capital funds, and collective investment schemes,
- Prohibiting insider trading
- Educating and training investors
- Conducting inspections and inquiries.
Security Appellate Tribunal (SAT)
- SAT is a statutory body established under Section 15K of the SEBI Act, 1992.
- It is headquartered in Mumbai.
- It comprises a Presiding Officer and Two other members.
- The Presiding Officer is appointed by the Central Government in consultation with the Chief Justice of India or his nominee.
- SAT is endowed with the same powers as vested in a civil court.
- Individuals dissatisfied with SAT's decisions or orders have the right to appeal to the Supreme Court.
Functions of SAT:
- Primarily tasked with hearing and disposing of appeals against orders passed by SEBI or an adjudicating officer under the SEBI Act, 1992.
- Additionally, responsible for hearing and disposing of appeals against orders passed by the Pension Fund Regulatory and Development Authority (PFRDA) and the Insurance Regulatory Development Authority of India (IRDAI).
