Key Update: Notification No. S.O. 1620(E) – Appointment of Technical Member to SAT

Simplified Explanation of Notification No. S.O. 1620(E)

Purpose of the Notification:

This notification announces the appointment of a new Technical Member to the Securities Appellate Tribunal (SAT). It specifies the terms and conditions of this appointment.

Details of the Notification:

1. Appointment of Technical Member:
   • Name:ShriDheerajBhatnagar
   • Previous Position: Retired Principal Chief Commissioner of Income Tax, Delhi
   • Position: Technical Member of the Securities Appellate Tribunal (SAT)
   • Term: He will serve for a period of four years from the date he assumes charge or until he turns sixty-seven years old, or until further orders are issued—whichever comes first.
2. Legal Basis:
   • This appointment is made under the Tribunals Reforms Act, 2021, and the Tribunal (Conditions of Service) Rules, 2021. These laws outline the qualifications, appointments, and conditions of service for tribunal members.

Example:

• Scenario: If ShriDheerajBhatnagar starts his role as Technical Member on June 1, 2024, he will serve until May 31, 2028, unless he reaches the age of sixty-seven before then or is replaced earlier.

Summary:

• What: Appointment of a new Technical Member for the Securities Appellate Tribunal.
• Who:ShriDheerajBhatnagar, formerly Principal Chief Commissioner of Income Tax.
• Term: Four years or until age sixty-seven, or until further orders.

This notification ensures that the Securities Appellate Tribunal is equipped with a qualified technical member to assist in handling technical aspects and disputes related to securities regulations.