mumbai, Aug. 11 -- The Securities Appellate Tribunal's (SAT) case backlog has hit a six-year high even as the flow of new appeals has slowed, pointing to a system struggling to clear its accumulated workload. Cases pending before SAT rose to 1,066 in fiscal year 2026 (FY26), an 11% increase from a year earlier and 122.5% higher than the 479 cases pending in FY20, according to annual reports of the Securities and Exchange Board of India (Sebi). Fresh appeals fell to 429 in FY26 from 533 in FY25. A total of 630 appeals were added in FY20. The divergence indicates that the tribunal's current workload is being driven less by new filings than by cases carried forward from previous years. At the same time, disposals have slowed. Appeals dismissed fell to 135 in FY26, less than half the number dismissed in FY25. "While there has been an increase, most of the pendency pertains to carry over of cases from earlier periods," said Vasudha Goenka, partner, Cyril Amarchand Mangaldas. A big portion of the backlog comprises cases carried over from previous years, rather than recent appeals awaiting disposal. A portion of the docket comprises matters that have carried over across multiple years, limiting the extent to which a dip in new filings can lead to lower overall pendency. For instance, in 2022, the regulator alleged that Bombay Dyeing & Manufacturing Co.Ltd, its promoters, and related entities had misrepresented financial statements. Sebi had barred 10 entities, including Bombay Dyeing and its promoters Nusli N. Wadia, Ness Wadia and Jehangir Wadia, from accessing the market and imposed cumulative penalties of Rs.15.75 crore. Four years after the Sebi order, SAT set aside the penalties imposed on the company, members of the Wadia family and others, and directed that any amounts already paid be refunded within four weeks. Lawyers also attribute the rising pendency to the tribunal's ability to constitute benches. "The primary reason is a persistent shortage of judicial and technical members, which limits the number of benches that can sit and hear matters," said Alay Razvi, managing partner, Accord Juris, a boutique law firm. "The absence of additional benches despite rising caseload means that even as older matters are disposed of, fresh appeals keep accumulating, pushing overall pendency to record levels." SAT comprises a presiding officer and judicial and technical members, with a structure intended to allow multiple benches to operate simultaneously. Vacancies, however, have sometimes restricted its functioning. The current bench comprises Justice P.S. Dinesh Kumar as presiding officer, Dr. Dheeraj Bhatnagar as technical member and Meera Swarup as technical member. Mint reported in 2024 that the position of presiding officer remained vacant for more than three months after Justice Tarun Agarwala retired in December 2023. Meera Swarup was then the only technical member on the bench. Queries mailed to SAT and the finance ministry remained unanswered till press time....