TaxTMI 
TaxTMI 
Amendment of Chapter VI-B.
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.... (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."; (c) for section 15L, the following section shall be substituted, namely:-- Composition of Securities Appellate Tribunal. "15L. (1) The Securities Appellate Tribunal shall consist of a Presiding Officer and such number of Judicial Members and Technical Members as the Central Government may determine, by notification, to exercise the powers and discharge the functions conferred on the Securities Appellate Tribunal under this Act or any other law for the time being in force. (2) Subject to the provisions of this Act,- (a) the jurisdict....
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....try or Department of the Central Government or any equivalent post in the Central Government or a State Government; or (ii) is a person of proven ability, integrity and standing having special knowledge and professional experience, of not less than fifteen years, in financial sector including securities market or pension funds or commodity derivatives or insurance. Amendment of Presiding Officer and Judicial Members. 15MA. The Presiding Officer and Judicial Members of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee. Search-cum-Selection Committee for appointment of Technical Members. 15MB. (1) The Technical Members of the Securities Appellate....
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....to hold office as such in the Board or in such Authorities. (3) The Presiding Officer or such other member of the Securities Appellate Tribunal, holding office on the date of commencement of Part VIII of Chapter VI of the Finance Act, 2017 shall continue to hold office for such term as he was appointed and the other provisions of this Act shall apply to such Presiding Officer or such other member, as if Part VIII of Chapter VI of the Finance Act, 2017 had not been enacted."; (e) for section 15N, the following section shall be substituted, namely:-- Tenure of office of Presiding Officer, Judicial or Technical Members of Securities Appellate Tribunal. "15N. The Presiding Officer or every Judicial or Technical Member of the Securities Appe....
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....so abused his position as to render his continuation in office detrimental to the public interest; or (e) has acquired such financial interest or other interest as is likely to affect prejudicially his functions as the Presiding Officer or Judicial or Technical Member: Provided that he shall not be removed from office under clauses (d) and (e), unless he has been given a reasonable opportunity of being heard in the matter."; (h) In section 15T,- (I) in sub-section (1),-- (A) in clause (b), for the words "under this Act,", the words "under this Act; or" shall be substituted; (B) after clause (b) and before the long line, the following clause shall be inserted, namely:-- "(c) by an order of the Insurance Regulatory and Developmen....