(i) What is the objective for which SAT is established ? (ii) State the composition of Securities Appellate Tribunal ? (iii) Does a Civil Court have jurisdiction to entertain any suit in respect of any matter for which a

i. Securities Appellate Tribunal (SAT) was established to consider appeal against order of the SEBI or by an order made by an adjudicating officer or by an order of the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority. ii. According to Section 15L of the SEBI Act, 1992, the Securities Appellate Tribunal shall consist of a Presiding Officer and such number of Judicial Members and Technical Members as the Central Government may determine, by notification to exercise the powers and discharge the functions conferred on the Securities Appellate Tribunal under SEBI Act, 1992 or any other law for the time being in force. iii. Section 15Y of the SEBI Act, 1992 lays down that no civil court has jurisdiction to entertain any suit or proceeding in respect of any matter for which an Adjudication Officer has been appointed under the SEBI Act, 1992. iv. Section 15Z lays down that any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within 60 days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any question of law arising out of such order. v. Special courts are established by the Central Government under Section 26A of the SEBI Act, 1992 for providing speedy trial of offences.