Appointment of Member under SEBI Act sets fixed tenure and mandatory age ceiling for officeholders effective as notified. Appointment of Shri Samar Ray, IA & AS (Retired), as Member of the Securities Appellate Tribunal is made under Section 15L read with Section 15N, for a fixed tenure of five years subject to earlier cessation on attaining the prescribed upper age limit or on further orders, effective from the notified commencement date by central government notification.