CJI Chandrachud advises SEBI, SAT to be cautious, pitches for more tribunal benches
Chief Justice of India D.Y. Chandrachud on Thursday said that regulators like SEBI and appellate forums like the Securities Appellate Tribunal (SAT) need to exercise caution when there is a surge in the stock market as they assume immense national importance in fostering a stable and predictable investment environment.
Inaugurating the new appellate tribunal premises in Mumbai, the CJI Chandrachud said: “The more you see the surge in the stock market, the greater the role, I believe, for SEBI and SAT, as institutions which will exercise caution, celebrate the successes but at the same time, ensure that the backbone is stable.”
“The Securities Appellate Tribunal (SAT) is like a referee, ensuring that in the 'dog-eat-dog' world of finance, all stakeholders play by the rules. Just like any good referee, the SAT has successfully kept pace with the evolving game. As our markets and businesses become more complex and new regulations flood in, the tribunal must consistently rise to the challenge. To effectively adjudicate the appeals before the tribunal, members require not only a deep understanding of intricate financial matters but most importantly, a strong commitment to fair adjudication and procedural safeguards. This is crucial in maintaining market integrity and investor confidence,” the CJI said.
Calling the crossing of the 80,000 points milestone by the BSE as an ecstatic moment, where India is entering a «stratospheric domain», Chandrachud said such events emphasise the importance of regulatory authorities.
