CJI DY Chandrachud highlights importance of strong legal apparatus for economic growth in India

Chief Justice of India (CJI) DY Chandrachud inaugurated the office premises of the Securities Appellate Tribunal (SAT) at the Mittal Court in Mumbai. He highlighted that the SAT played a crucial role in maintaining the integrity of the markets and hence building confidence in investors by ensuring strict adherence to regulations. “Just like any good referee, SAT has successfully kept pace with the evolving game. As our markets and businesses become more complex and new regulations flood in, the tribunal must consistently rise to the challenge. To effectively adjudicate the appeals before the tribunal, members require not only a deep understanding of intricate financial matters but most importantly, a strong commitment to fair adjudication and procedural safeguards. This is crucial in maintaining market integrity and investor confidence,” Chandrachud said while addressing a gathering during the inauguration. 

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Chandrachud also highlighted the interconnectedness between the robust legal apparatus and economic growth. He cited a theory postulated by the World Bank in 2005 to strengthen his argument. “A legal system that has adequate procedural safeguards, fairness, and forums that dispense justice without arbitrariness, is integral to building investor confidence in a country’s markets and business landscape. Therefore, regulators like SEBI (Securities and Exchange Board of India, the market regulator) and appellate forums like SAT assume immense national importance in fostering a stable and predictable investment environment,” Chandrachud added.