Which among the following statements is incorrectly mentioned with respect to the Securities and Exchange Board of India ?

● Securities and Exchange Board of India is a quasilegislative, quasi-judicial and quasi-executive body and can draft regulations, conduct inquiries, pass rulings and impose penalties. ● SEBI is an autonomous organization that works under overall administrative supervision of the Union Finance Ministry and is accountable to the Parliament. ● SAT is a statutory body established under the provisions of the Securities and Exchange Board of India Act, 1992, it was constituted to protect the interest of entities that feel aggrieved by SEBI’s decision can also hear and dispose of appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI) under the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999. Hence option a, b and c are correctly mentioned. SAT also hears matters related to Pension Fund Regulatory and Development Authority (PFRDA) ● The chairman of SEBI is nominated by the Union Government of India. Hence, option d is incorrectly mentioned.