SAT gets new member, 2nd bench likely

THE MINISTRY OF Finance (MoF) has appointed Justice Mayank Kumar Jain, a former Allahabad High Court judge, as a judicial member of the Securities Appellate Tribunal (SAT).

- AKSHATA GORDE

This move comes amid a rise in cases pending with the tribunal, with sources hinting at the formation of a second bench soon.

Currently, the SAT operates with three members, which limits it to a single bench. Sebi's rules permit formation of multiple benches, each requiring at least one judicial and one technical member. A case has been made for adding another bench for years due to rising numbers of cases.