SAT: Government Decision – Justice Mayank Kumar Jain Appointed

The Central Government has made a significant decision by appointing Justice Mayank Kumar Jain as the second judicial member of the Securities Appellate Tribunal (SAT). Justice Jain, who previously served as a judge in the Allahabad High Court, will hold this position for four years or until he reaches the age of 67. The Finance Ministry officially announced this appointment in a notification published in the Official Gazette on January 3.

SAT, a statutory body established under the Securities and Exchange Board of India (SEBI) Act, is responsible for hearing appeals against decisions made by SEBI, IRDAI, and PFRDA. The tribunal addresses issues such as market manipulation, trading violations, and other matters within SEBI’s jurisdiction. SAT operates under the Ministry of Finance, with its main branch located in Mumbai.

Currently, SAT is functioning with a single bench presided over by former Karnataka High Court judge Dinesh Kumar, who took on this role in April 2024. The tribunal also includes technical members Meera Swaroop and Dheeraj Bhatnagar. Justice Mayank Kumar Jain’s addition to the tribunal is expected to facilitate the resolution of the growing number of cases.

Justice Jain began his legal career in 1984 after obtaining his law degree from Meerut University. He initially practiced civil law in Muzaffarnagar and transitioned to the Higher Judicial Services (HJS) cadre by December 2008.

This appointment is a significant step in strengthening the functioning of SAT and ensuring efficient resolution of appeals and cases within the securities and exchange domain.