MUMBAI, July 4 : Chief Justice of India D Y Chandrachud, speaking on Thursday, advised SEBI and the Securities Appellate Tribunal (SAT) to exercise caution amidst a significant equity market surge. Inaugurating the new SAT premises in Mumbai, he advocated for the establishment of additional SAT benches to manage increased workloads due to higher transaction volumes and newer regulations.
Referring to the BSE crossing the 80,000 points milestone, which he described as entering a “stratospheric domain,” the CJI emphasized the crucial role of regulatory bodies in maintaining stability amid market successes. He highlighted SEBI and SAT as institutions of national importance that ensure a stable investment environment, promoting economic growth through enhanced investor confidence and effective dispute resolution mechanisms.
In the financial landscape, the CJI portrayed SAT as a referee ensuring adherence to rules, stressing the need for continuous adaptation to new developments. With growing market participation and transaction volumes, he anticipated a rise in disputes and potential regulatory issues, underscoring the urgency in filling SAT vacancies to uphold tribunal efficiency.
Reflecting on his personal connection to SAT, having previously appeared as a lawyer there, CJI Chandrachud advocated for more SAT benches as permitted by statutes, citing the tribunal’s pivotal role in economic regulation. He flagged bench expansion as a policy consideration, urging decision-makers to address the workload growth effectively.
Justice P S Dinesh Kumar, SAT’s presiding officer, reported 1,028 pending appeals and over 6,700 appeals disposed of since 1997. The CJI highlighted timely judicial actions in correcting financial aberrations, citing recent significant judgements as examples of the tribunal’s critical role.
Moreover, CJI Chandrachud emphasized the importance of technology in improving access to justice, launching SAT’s new website developed by the National Informatics Centre. He called for enhanced focus on technological advancements to modernize legal proceedings and improve judicial efficiency in the digital age.
