SAT received a record 1,192 appeals last Fiscal

The Securities Appellate Tribunal (SAT) received a record 1,192 appeals during FY’23, up 53% from the previous year, according to the Annual Report, released on Monday 7th August. This rise in the number of filed appeals is precisely proportional to the rise in SEBI’s regulatory actions. SEBI conducted 144 investigations in FY23, up from 59 the previous year. It finished adjudication actions against 3731 entities, which was 57% more than the previous year.

In FY23, the regulator investigated 42 merchant bankers, up from eight in FY22, and 833 stockbrokers, up from 385 the previous year. In comparison to the previous year, SEBI investigated 54 incidents of fraudulent and unfair trading practices. Price and volume manipulation, as well as front running, are examples of these techniques.

In FY22, SEBI investigated 12 incidents of financial statement fraud. In terms of SEBI (Intermediaries) Regulations 2008 enforcement action, it issued 58 cancellations of market intermediaries, more than doubling the previous year, and 24 suspensions of intermediaries, compared to six in FY22. SEBI’s personnel strength has increased by 9%, from 980 people in FY22 to 1073 employees in FY23.