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Section 22B of the SCRA lays down the procedural framework for the Securities Appellate Tribunal. Which statement best describes that framework?
Answer & Solution
Correct answer: B.
1. Section 22B sets the SAT procedure baseline.
2. SAT is NOT bound by the Code of Civil Procedure, 1908.
3. It is guided by the principles of natural justice and may regulate its own procedure.
4. For specified matters it has civil-court powers under the CPC including summoning, examination on oath and discovery.
5. SAT does not exercise criminal-court powers or follow arbitration procedure.
_Source: ICSI CS Executive Paper 6 (Securities Laws and Capital Markets) — Lesson 1: Securities Contracts (Regulation) Act, 1956, pp. 4-21._
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