Justice Mayank K. Jain Joins SAT As New Judicial Member; Second Bench Expected

The Ministry of Finance has appointed Justice Mayank Kumar Jain, former Allahabad High Court judge, as a judicial member of the Securities Appellate Tribunal (SAT).

The tribunal, which hears appeals against orders by SEBI, IRDAI, PFRDA, stock exchanges, and depositories, currently operates with a single bench comprising three members. While SEBI’s rules allow multiple benches, each requires at least one judicial and one technical member. Experts have highlighted the need for a second bench, first proposed in 2016, to address delays. Sources suggest a new notification for another bench may be issued soon.

There will be a need for more appointments soon, as the technical member in the existing bench, Meera Swarup, is set to retire in March.