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.
Finance Bill, 2017 Part VII AMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
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Securities Appellate Tribunal composition updated to enhance member qualifications, appointment procedures and tenure governance. Establishes a Securities Appellate Tribunal with jurisdiction and places of sitting specified by notification; sets its composition as a Presiding Officer with Judicial and Technical Members, Benches to include at least one Judicial and one Technical Member and ordinarily sit at Mumbai. Presiding Officer and Judicial Members are appointed by the Central Government in consultation with the Chief Justice of India; Technical Members are appointed on recommendation of a Search cum Selection Committee chaired by the Presiding Officer. Qualifications, appointment restrictions, fixed tenure with age limit, interim senior member acting as Presiding Officer, and specified grounds and procedure for removal are prescribed.
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Securities Appellate Tribunal composition updated to enhance member qualifications, appointment procedures and tenure governance.
Establishes a Securities Appellate Tribunal with jurisdiction and places of sitting specified by notification; sets its composition as a Presiding Officer with Judicial and Technical Members, Benches to include at least one Judicial and one Technical Member and ordinarily sit at Mumbai. Presiding Officer and Judicial Members are appointed by the Central Government in consultation with the Chief Justice of India; Technical Members are appointed on recommendation of a Search cum Selection Committee chaired by the Presiding Officer. Qualifications, appointment restrictions, fixed tenure with age limit, interim senior member acting as Presiding Officer, and specified grounds and procedure for removal are prescribed.
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