Section 15Q - Resignation and removal - Securities and Exchange Board of India Act, 1992

Resignation and removal. 15Q. (1) The 1 [Presiding Officer or any other Member] of a Securities Appellate Tribunal may, by notice in writing under his hand addressed to the Central Government, resign his office: Provided that 2 [the Presiding Officer or any other Member] shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office, until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is the earliest. 5 [(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 Government, involves moral turpitude; (d) has, in the opinion of the Central Government, 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.] (3) The Central Government may, by rules, regulate the procedure for the investigation of misbehavior or incapacity of the 4 [Presiding Officer or any other Member]. *********** 1 Substituted vide SEBI (Amendment) Act 2002, w.e.f. 29-10-2002 before it was read as Presiding Officer 2 Substituted for vide SEBI (Amendment) Act 2002, w.e.f. 29-10-2002 before it was read as the said Presiding Officer , 3 Substituted vide SEBI (Amendment) Act 2002, w.e.f. 29-10-2002 before it was read as Presiding Officer 4 Substituted vide SEBI (Amendment) Act 2002, w.e.f. 29-10-2002 before it was read as aforesaid Presiding Officer 5 Substituted vide Finance Act, 2017 w.e.f April 26, 2017 before it was read as (2) The 3 [Presiding Officer or any other Member] of a Securities Appellate Tribunal shall not be removed from his office except by an order by the Central Government on the ground of proved misbehaviour or incapacity after an inquiry made by a Judge of the Supreme Court, in which the 3 [Presiding Officer or any other Member] concerned has been informed of the charges against him and given a reasonable opportunity of being heard in respect of these charges.