The appeals filed before SAT have increased manifold, he noted.
“The rapid growth in the number of market participants, and the increase in the volume of financial transactions, brings with it the likelihood of an increased number of disputes pertaining to regulatory non-compliance, market conduct, corporate governance, and shareholders. The appeals filed before the SAT have increased manifold. In such a scenario, the vacancies in the SAT must be filled at the earliest to allow the tribunal to work effectively and at full capacity,” the CJI stated.
He suggested having more Benches of SAT to manage its escalating caseload.
“In fact, the Securities and Exchange Board of India Act (SEBI Act) also allows for the setting up of benches of the SAT. It may be worth giving greater thought to the proposals of equipping the tribunal with additional benches and improved infrastructure to manage its escalating caseload,” he said.
Pertinently, he also said that since SAT currently has a bench only in Mumbai, the provision of virtual hearings as a matter of right is paramount.
“A tribunal with jurisdiction across the country must have digital resources to allow lawyers from different regions to appear before the tribunal easily and effectively,” he said.
Source: Barandbench
