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K.R. Srivats

New Delhi , Feb. 9

THE Finance Ministry has appointed Mr Justice Kumar Rajaratnam, Chief Justice of the Madhya Pradesh High Court, as Presiding Officer of the Securities Appellate Tribunal (SAT).

Anyone aggrieved over an order passed by the Securities and Exchange Board of India (SEBI) can approach the three-member SAT, which is a quasi-judicial body, and file an appeal against the order.

Mr Justice Rajaratnam is the second person to be appointed as Presiding Officer of SAT. Mr C. Achuthan, who was the first, retired on November 3, 2003.

Official sources said that Mr Justice Rajaratnam would hold office for five years or till he is 68, whichever is earlier.

The absence of a Presiding Officer since November 2003 had impacted the functioning of SAT, which was required to decide on certain high-profile appeals.

SAT was set up in the later half of the 90s to decide on the appeals against SEBI-imposed monetary penalties.

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