Sebi objects to Securities Appellate Tribunal missing key member

Tribunal has taken opinion of senior counsel in the matter

The Securities and Exchange Board of India has objected to the absence of a technical member in the Securities Appellate Tribunal (SAT).

The SAT hears appeals against decisions that Sebi takes as securities market regulator. It comprises judicial and technical members. The government had appointed C K G Nair as technical member with effect from April 1, 2016, and his five-year term ended recently. The markets regulator has objected to orders being passed without a technical member being present. Nair had a doctorate in economics and market regulation.  

The other two members of the tribunal are former judges — former Bombay High