Justice Mayank Kumar Jain Appointed as Judicial Member of Securities Appellate Tribunal
Kiran Raj
On January 3, 2025, the Central Government, through a notification issued by the Ministry of Finance, appointed Justice Mayank Kumar Jain, a former judge of the Allahabad High Court, as a Judicial Member of the Securities Appellate Tribunal (SAT). The appointment was made under the Tribunals Reforms Act, 2021, in conjunction with the Tribunal (Conditions of Service) Rules, 2021. Justice Jain will serve for a period of four years from the date of joining or until he attains the age of 67, whichever is earlier.
The notification stated: “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.”
The Securities Appellate Tribunal, established under the Securities and Exchange Board of India Act, 1992, functions as an appellate authority for orders issued by SEBI, including cases related to insider trading, market manipulation, and violations of securities laws. It also holds appellate jurisdiction over decisions by the Insurance Regulatory and Development Authority of India (IRDAI). Currently, SAT operates with a single bench comprising Justice Dinesh Kumar as the Presiding Officer, along with two Technical Members, Meera Swarup and Dr. Dheeraj Bhatnagar. The appointment of Justice Jain is expected to enable the establishment of a second bench at SAT.
Justice Mayank Kumar Jain brings to the position a distinguished legal career spanning several decades. Born on November 4, 1962, he graduated in law from Meerut University in 1984 and commenced his practice in civil law at Muzaffarnagar. His judicial career began in 1990 when he was appointed as Munsif. He subsequently rose through the ranks, culminating in his appointment as an Additional Judge of the Allahabad High Court on August 15, 2022. Justice Jain was made a permanent judge on September 25, 2023, and retired from the High Court on November 3, 2024.
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