The Securities Appellate Tribunal has rejected the stock market regulator’s argument that it cannot pass orders without a technical member on the tribunal. The earlier technical member, C K G Nair, had retired on March 31, 2021. The Securities Board of India had taken the position that SAT couldn’t pass orders without a technical member being appointed. The position had been taken in multiple appeals. The tribunal passed an order in the matter of Axis Bank on Monday. “.we are of the confirmed opinion that the functioning of the Tribunal presently consisting of a Presiding Officer and a Judicial Member is not defective on account of non-availability of a technical member,” it said.