How often have SAT orders gone against Sebi? Numbers tell half the story

Instances in the past, of a delay in appointments ahead of the retirement of existing members at SAT have had an impact on the number of appeals it has allowed against the market regulator

The stock market regulator recently sought to move the Supreme Court against a tribunal order.

“...we had directed the Adjudicating Officer...to file an affidavit and...(in spite)... of the direction no such affidavit has been filed. This itself amounts to contempt,” said the Securities Appellate Tribunal (SAT) order dated December 23. The tribunal was deciding on an appeal against the Securities and Exchange Board of India (Sebi).

The regulator sought time to seek an order of the apex court, which the tribunal allowed.

“...we adjourn the proceedings and give an opportunity to the appellant to produce an order