The law ministry has reached out to senior members of the judicial community to constitute the second bench of the Securities Appellate Tribunal (SAT), several sources said.
The tribunal, which has disposed nearly 7,000 cases since its inception, needs at least one judicial member and one technical member to form a bench.
Filling key judicial positions
Among the names being considered are justice VG Bisht, who retired as a Bombay High Court judge last year and was thereafter appointed a judicial member at the National Company Law Tribunal, and justice Ramesh Dhanuka, who was elevated as the chief justice of the Bombay High Court in May 2023.
The Ministry of Finance had appointed justice Mayank Kumar Jain, a former Allahabad High Court judge, as a judicial member of the SAT in January 2025. He, however, did not join.
Currently, the three-member bench include one judicial member and two technical members. Justice PS Dinesh Kumar, former chief justice of the High Court of Karnataka, assumed charge as the presiding officer on April 29, 2024. Earlier, justice Tarun Agarwala, former chief justice of the Meghalaya High Court, was appointed the presiding officer of the tribunal. He died on March 30 this year.
Meera Swarup, a special secretary and financial advisor to the Ministry of Finance for about seven years, joined as a technical member in March 2022. Dr Dheeraj Bhatnagar, former principal chief commissioner of income tax, joined as a technical member on April 29, 2024.
Growing case load
The SAT has around 438 appeals pending in 2025 and several ongoing from previous years. It has an empty hall adjacent to the current chamber which can house the second bench.
“With the huge expansion of capital markets and Sebi upping its actions against market participants, there is a great need for a second bench at SAT,” said a senior securities lawyer.
The appellate body hears appeals against orders passed by three regulatory bodies – Sebi, Insurance Regulatory and Development Authority of India and Pension Fund Regulatory and Development Authority. Parties aggrieved by orders passed by the SAT can appeal against those in the Supreme Court of India.
The proposal for a second bench was first mooted by former finance minister Arun Jaitley in 2016. However, it did not materialize despite efforts from various chief justices and finance ministers.
The long drag has caused a growing number of cases being stuck. Without more members/bench, the SAT cannot clear the growing backlog or ensure timely justice despite being efficient.
“One bench alone cannot shoulder the burden of SAT’s backlog,” said Khushbu Chhajed, partner at MDP Legal, Advocates & Solicitors.