Appointment Validity Despite Committee Defects: tribunal appointments remain valid despite selection committee vacancies or defects.

Section 15MC protects appointments to the Securities Appellate Tribunal from being invalidated by vacancies or defects in the Search cum Selection Committee; bars serving members or equivalent senior managers of certain regulatory bodies from appointment during service and for a cooling off period thereafter; and preserves the tenure of existing Tribunal members by a transitional provision treating the amendment as not having been enacted for incumbents.

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