TaxTMI 
TaxTMI 
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.
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.... (a) in the chapter heading, for the words "APPELLATE TRIBUNAL", the words "SECURITIES APPELLATE TRIBUNAL" shall be substituted; (b) for section 15K, the following section shall be substituted, namely:-- Establishment of Securities Appellate Tribunal. "15K. (1) The Central Government shall, by notification, establish a Tribunal to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force. (2) The Central Government shall also specify in the notification referred to in sub-section (1), the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction....
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....ding Officer, Judicial Member and Technical Member. "15M. A person shall not be qualified for appointment as the Presiding Officer or a Judicial Member or a Technical Member of the Securities Appellate Tribunal, unless he- (a) is, or has been, a Judge of the Supreme Court or a Chief Justice of a High Court or a Judge of High Court for at least seven years, in the case of the Presiding Officer; and (b) is, or has been, a Judge of High Court for at least five years, in the case of a Judicial Member; or (c) in the case of a Technical Member-- (i) is, or has been, a Secretary or an Additional Secretary in the Ministry or Department of the Central Government or any equivalent post in the Central....
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....o appointment of the Presiding Officer, a Judicial Member or a Technical Member of the Securities Appellate Tribunal shall be invalid merely by reason of any vacancy or any defect in the constitution of the Search-cum-Selection Committee. (2) A member or part time member of the Board or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, or any person at senior management level equivalent to the Executive Director in the Board or in such Authorities, shall not be appointed as Presiding Officer or Member of the Securities Appellate Tribunal, during his service or tenure as such with the Board or with such Authorities, as the case may be, or within two years from the date on wh....
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....pellate Tribunal shall act as the Presiding Officer until the date on which a new Presiding Officer is appointed in accordance with the provisions of this Act."; (g) in section 15Q, for sub-section (2), the following sub-section shall be substituted, namely:- "(2) The Central Government may, after an inquiry made by the Judge of the Supreme Court, remove the Presiding Officer or Judicial Member or Technical Member of the Securities Appellate Tribunal, if he- (a) is, or at any time has been, adjudged as an insolvent; (b) has become physically or mentally incapable of acting as the Presiding Officer, Judicial or Technical Member; (c) has been convicted of any offence which, in the opinion of the Central ....