Mumbai: Chief Justice of India D.Y. Chandrachud on Thursday advised market regulators Sebi and SAT to exercise caution amid the surge in stock markets. He also advocated for more tribunal benches to ensure their “stable foundation”.
Inaugurating the new Securities Appellate Tribunal (SAT) complex here, Chief Justice Chandrachud urged the authorities to consider opening new benches of SAT as the workload has increased due to higher volume of transactions and new regulations.
Citing reports describing the BSE crossing the 80,000-point mark as a moment of euphoria, he said such events emphasise the need for regulatory authorities to ensure that everyone maintains their “balance and patience” amid the victory.
The Chief Justice said, “The more boom you see in the stock market, I believe the greater will be the role of SEBI and SAT. These institutions will be vigilant, celebrate successes but at the same time ensure that its foundation remains stable.”
He said the Securities and Exchange Board of India (SEBI) and appellate forums like SAT are of “immense national importance” in promoting a stable and predictable investment environment. Justice P.S. Dinesh Kumar, Presiding Officer of SAT, said there are 1,028 appeals pending in SAT. Since its inception in 1997, it has disposed of over 6,700 appeals.
The Chief Justice said that timely action and correction of errors in the financial sector is of utmost importance.
The Chief Justice also launched the new website of SAT on Thursday. It has been developed by the National Informatics Centre. He said that with the advancement in the digital sector, there is a need to rethink the concept of access to justice.