Clause 145 - Amendment of Chapter VIB- Establishment of Securities Appellate Tribunal-Composition of Securities Appellate Tribunal-Qualifications for appointment as Presiding Officer, Judicial Member and Technical Member-Appointment of Presiding Officer and Judicial Members-Search-cum- Selection Committee for appointment of Technical Members.-Vacancy not to invalidate selection proceeding-Tenure of office of Presiding Officer, Judicial or Technical Members of Securities Appellate Tribunal.-Member to act as Presiding Officer in certain circumstances.

Amendment to SEBI Act 1992: Establishes Securities Appellate Tribunal, outlines structure, jurisdiction, and member qualifications.

The amendment to Chapter VIB of the Securities and Exchange Board of India Act, 1992, establishes the Securities Appellate Tribunal (SAT) and outlines its composition, jurisdiction, and member qualifications. The SAT will consist of a Presiding Officer, Judicial Members, and Technical Members appointed by the Central Government. The Presiding Officer must be a former Supreme Court Judge or High Court Chief Justice. Judicial Members must have at least five years of experience as a High Court Judge, while Technical Members require significant experience in the financial sector. The tenure for members is five years, with eligibility for reappointment. The amendment also details the process for appointing members and handling vacancies.