Former Allahabad HC judge Mukul Jain appointed judicial member of SAT | Stock Market News

The Centre has appointed former Allahabad high court judge justice Mayank Kumar Jain as the second judicial member of the Securities Appellate Tribunal (SAT). 

Jain will serve a term of four years or until he reaches the age of 67, whichever comes first.

The appointment was formalized through a notification issued by the ministry of finance in the official gazette on 3 January.

SAT, established under the Securities and Exchange Board of India (Sebi) Act, serves as an appellate body for appeals against orders passed by Sebi. The tribunal handles cases related to insider trading, market manipulation, regulatory violations, and other matters under Sebi’s jurisdiction. 

It also hears appeals related to orders by the Insurance Regulatory and Development Authority of India (Irdai).

Currently, SAT operates with a single bench led by justice Dinesh Kumar, a former Karnataka high court judge, who assumed the role of presiding officer in April 2024. The tribunal also includes technical members Meera Swarup and Dheeraj Bhatnagar. With the addition of Justice Jain, the SAT is expected to establish a second bench to expedite its growing caseload and ensure timely resolutions of disputes in the securities market. 

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A graduate in law from Meerut University in 1984, Jain enrolled as an advocate the following year and began his practice in civil law at Muzaffarnagar. His judicial career began in 1990 when he was appointed as a Munsif, and by December 2008, he was promoted to the Higher Judicial Services (HJS) cadre. He later held several significant positions, including as a member of the Commercial Tax Tribunal at Meerut, where he led division benches in cities such as Ghaziabad, Saharanpur, and Bareilly.

Jain also held key administrative roles, serving as the registrar (judicial) in the High Court of Allahabad, overseeing judicial selection, seniority matters, and appointments. He also held the position of district judge in several districts, including Agra, Meerut, and Kanpur Nagar, before being elevated to the bench as an additional judge of the Allahabad high court in August 2022. He was confirmed as a permanent judge in September 2023 and retired in November 2024.