Section 15M - Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal - Securities and Exchange Board of India Act, 1992

Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal. 15M. 1 [ 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 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.] ************* 1 Substituted by Part VIII of Chapter VI of the Finance Act, 2017 vide Gazette Notification No. 7, Extraordinary Prt II Section 1 dated March 31, 2017. This shall come into force from April 26, 2017. Prior to its substitution, Section 15M read as follows: (1) A person shall not be qualified for appointment as the Presiding Officer of the Securities Appellate Tribunal unless he (a) is a sitting or retired Judge of the Supreme Court or a sitting or retired Chief Justice of a High Court; or (b) is a sitting or retired Judge of a High Court who has completed not less than seven years of service as a Judge in a High Court. (1A) The Presiding Officer of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.] (2) A person shall not be qualified for appointment as member of a Securities Appellate Tribunal unless he is a person of ability, integrity and standing who has shown capacity in dealing with problems relating to securities market and has qualification and experience of corporate law, securities laws, finance, economics or accountancy: Provided that a member of the Board or any person holding a post at senior management level equivalent to Executive Director in the Board shall not be appointed as Presiding Officer or Member of a Securities Appellate Tribunal during his service or tenure as such with the Board or within two years from the date on which he ceases to hold office as such in the Board. Section 15 L was earlier substituted for sub-section (1) of Section 15M by the SEBI (Amendment) Act, 2013 (Act No. 22 of 2013) w.r.e.f. 21.01.2013. Prior to substitution, it read as under:- (1) A person shall not be qualified for appointment as the Presiding Officer of a Securities Appellate Tribunal unless he is a sitting or retired Judge of the Supreme Court or a sitting or retired Chief Justice of a High Court : Provided that the Presiding Officer of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee. Section 15 M was earlier substituted by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002. 15M. Qualifications for appointment as Presiding Officer of the Securities Appellate Tribunal. A person shall not be qualified for appointment as the Presiding Officer of a Securities Appellate Tribunal unless he - (a) is, or has been, or is qualified to be, a Judge of a High Court; or (b) has been a member of the Indian Legal Service and has held a post in Grade I of that service for at least three years; or (c) has held office as the Presiding Officer of a tribunal for at least three years.