Uncertainty Prevails : Daily Current Affairs

Uncertainty Prevails

CONTEXT:

PNB Housing Finance Ltd’s plans to raise ₹4,000 crore from a consortium of investors led by private equity firm Carlyle will continue to be in limbo as the mortgage lender’s appeal of a SEBI order halting the transaction resulted in a split verdict at the Securities Appellate Tribunal (SAT) recently.

About Securities Appellate Tribunal (SAT)

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.
Its Mandate is to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA) and 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.

It is located in Mumbai.
It has the same powers as vested in a civil court. Further, if any person feels aggrieved by SAT’s decision or order can appeal to the Supreme Court.

About Securities and Exchange Board of India (SEBI)

SEBI is a statutory body established in 1992 under the SEBI Act, 1992.
Initially, SEBI was a non-statutory body. In April, 1988 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India.
The headquarters of SEBI is situated in Mumbai.
All decisions taken by SEBI are collectively taken by its Board that consists of a Chairman and eight other members.
SEBI also appoints various committees, whenever required to look into the pressing issues of that time.
Function:

To protect the interests of investors in securities and to promote and regulate the securities market.

Registering and regulating the working of stock brokers, merchant bankers, underwriters, portfolio managers, investment advisers and such other intermediaries who may be associated with securities markets in any manner.