Definition
Securities and Appellate Tribunal (SAT)
The Securities Appellate Tribunal is the statutory body that hears appeals against orders passed by SEBI and certain other financial regulators.
When an entity is aggrieved by an order of SEBI, or of regulators such as IRDAI and PFRDA in specified cases, it can appeal to the Securities Appellate Tribunal (SAT). SAT reviews the facts and law and can confirm, modify or set aside the regulator's order, with further appeal lying to the Supreme Court.
SAT provides an independent check on regulatory action, balancing enforcement with fairness to market participants. Its rulings shape how securities law is interpreted and applied across the market.
Related terms
- SEBISEBI is the Securities and Exchange Board of India, the statutory regulator of the securities markets, protecting investors and overseeing exchanges, intermediaries and listed companies.
- IRDAIIRDAI is the Insurance Regulatory and Development Authority of India, which regulates and supervises the insurance industry and protects policyholders.
- PFRDAPFRDA is the Pension Fund Regulatory and Development Authority, which regulates the National Pension System and promotes old-age income security.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.