The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for creation of the Post of Technical Member in Securities Appellate Tribunal (SAT), Mumbai at the level of Secretary to the Government of India in the pay scale of Rs. 2,25,000/- (fixed) or Level 17 of the Pay Matrix as per the 7th Pay Commission.
Creation of the post will facilitate the creation of an additional bench in SAT, Mumbai thereby allowing speedy disposal of the increased number of appeals in SAT with respect to Securities and Exchanges Board of India, (SEBI), Insurance Regulatory and Development Authority of India (IRDA) and the Pension Fund Regulatory and Development Authority (PFRDA), which will be much beneficial to investors, pensioners and the general public. The securities market and insurance sector are growing rapidly. With increase in the volume of trading in securities market, and clients in the insurance sector, it is likely that the grievances will also increase. Therefore, it is necessary that a speedy redressal system is established. It would ensure speedy disposal of appeal cases related to insurance, securities market and pension benefitting the general public.