What do you mean by Securities Appellate Tribunal (SAT)? What is its composition? As a Company Secretary, advise the aggrieved party about the appeal procedure and powers of SAT.

Securities Appellate Tribunal (SAT) The Central Government has setup a Tribunal known as Securities Appellate Tribunal (SAT) under the SEBI Act, 1992 at Mumbai. Any person aggrieved by the order of the SEBI or adjudicating officer of SEBI may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter. Composition of SAT The SAT shall consist of a Presiding Officer and two other members to be appointed by the Central Government. Powers of SAT As per Section 15(U)(2) of SEBI Act, 1992, the Securities Appellate Tribunal (SAT) is vested with the powers of Civil Court under the Code of Civil Procedure, 1908 while trying a suit in respect of under mentioned issues/matters: summoning and enforcing the attendance of any person and examining him on oath; requiring the discovery and production of documents; receiving evidence on affidavits; issuing commissions for the examination of witnesses or documents; reviewing its decisions; dismissing an application for default or deciding it ex parte; setting aside any order of dismissal of any application for default or any order passed by it ex-parte; and any other matter which may be prescribed. Appeal Procedure to SAT Any person aggrieved by the decision of the recognised stock exchange or adjudicating officer or any order of SEBI may appeal to SAT. Within 45 days from the date of on which a copy of order or receiving of decision by the appellant in such form and on such fees as prescribed. On receipt of appeal and after giving the parties to opportunity of being heard, pass order as thinks fit, confirming, modifying or setting aside the order. SAT shall dispose of the appeal within 6 months.