Capacity constraint

Vacancies in tribunals will affect business environment

The Indian securities market has an avoidable problem. After days of keeping everyone waiting, the Securities Appellate Tribunal (SAT) on Monday gave a split verdict in the PNB Housing Finance case, as it did not have enough members. SAT was hearing an appeal filed by PNB Housing against an order passed by the Securities and Exchange Board of India (Sebi), which had stopped the firm from making preferential allotment of shares to a set of investors. Among other things, Sebi had objected to the fact that the valuation was not done by an independent valuer. On an appeal of PNB