The Securities Appellate Tribunal (SAT) was recently forced to calculate simple interest in a matter between the SEBI and broker Prebon Yamane(India).It was calculated after they failed to arrive at a consensus on the manner and the amount on which simple interest had to be calculated.
The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India.It was established in 1988 and given statutory powers in 1992 through the SEBI Act,1992.
Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act,1992.It’s headquarters is at Mumbai.
The mandate of SAT is to hear and dispose of appeals against the orders passed by the (a)Securities and Exchange Board of India (SEBI) (b)Pension Fund Regulatory and Development Authority (PFRDA) and (c)Insurance Regulatory Development Authority of India (IRDAI).
SAT consists of a Presiding Officer & two other members.The Presiding officer of SAT shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.