In a significant development, the Central Government has appointed Justice Mayank Kumar Jain, a former judge of the Allahabad High Court, as a Judicial Member of the Securities Appellate Tribunal (SAT). This appointment, effective January 3, was announced through a gazette notification issued by the Union Finance Ministry.
The notification outlines that the appointment was made under the provisions of the Tribunals Reforms Act, 2021, specifically citing the necessary clauses and rules under which Justice Jain was appointed. His role at SAT will involve the review of decisions made by the Securities and Exchange Board of India (SEBI), as well as appeals against orders from the Insurance Regulatory and Development Authority of India (IRDAI).
The SAT, established under the SEBI Act of 1992, functions as an appellate body for various financial regulatory authorities. The tribunal currently operates with a single bench led by Justice Dinesh Kumar as the Presiding Officer. The bench also includes Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar.
Justice Jain’s extensive legal background includes a law degree from Meerut University and a notable career as a civil lawyer in Muzaffarnagar before his judicial appointments. He joined the judiciary as a Munsif in 1990, was appointed as an additional judge of the Allahabad High Court in August 2022, and became a permanent judge in September 2023. He retired from the judiciary on November 3, 2024.
The addition of Justice Jain is expected to facilitate the establishment of a second bench at the SAT, enhancing the tribunal’s capacity to handle a greater volume of cases and diversifying the expertise available for appellate review. This appointment is seen as a crucial step in strengthening the judicial mechanisms overseeing India’s financial markets.
