Recently, the Central government announced the appointment of former Allahabad High Court Judge, Justice Mayank Kumar Jain, as the second judicial member of the Securities Appellate Tribunal (SAT).

The Union Finance Ministry formalized the decision through a gazette notification.

"In exercise of powers conferred by Sub-section (2) of Section 3 and clause (ii) of section 5 of the Tribunals Reforms Act, 2021 (33 of 2021) read with clause (b) of sub-rule (7) of rule 3 and sub-rule (2) of rule 10 of Tribunal (Conditions of Service) Rules, 2021 the Central Government hereby appoints Justice Mayank Kumar Jain, Former Judge, High Court of Allahabad, as Judicial Member of the Securities Appellate Tribunal," a gazette notification said.

The Securities Appellate Tribunal (SAT), established under the Securities and Exchange Board of India Act, 1992 (SEBI Act), functions as an appellate authority for orders issued by SEBI. Its jurisdiction includes cases involving insider trading, market manipulation, violations of securities market regulations, and other matters under SEBI's purview. Additionally, SAT handles appeals against decisions made by the Insurance Regulatory and Development Authority of India (IRDAI). 

Currently, SAT operates with a single bench headed by Justice Dinesh Kumar, a former Karnataka High Court judge, who took charge as the Presiding Officer on April 29, 2024. He is supported by Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar. 

The recent appointment of Justice Mayank Kumar Jain as the second judicial member is expected to facilitate the creation of a second bench at SAT. Justice Jain, born on November 4, 1962, graduated in law from Meerut University in 1984 and began practicing civil law in Muzaffarnagar the following year. In 1990, he was appointed as Munsif. 

He was elevated as an additional judge of the Allahabad High Court on August 15, 2022, and became a permanent judge on September 25, 2023. After retiring on November 3, 2024, Justice Jain’s extensive legal experience makes him a valuable addition to SAT.