Rule 3 - Terms and Conditions of Service of Presiding Officer and Members - Securities Appellate Tribunal (Salaries, Allowances And Other Terms And Conditions of Presiding Officer And Other Members) Rules, 2003

Terms and Conditions of Service of Presiding Officer and Members 3. The Presiding Officer of the Securities Appellate Tribunal shall be appointed by the Central Government on the recommendation of Selection Committee to be constituted in consultation with the Chief Justice of India. The Members of the Securities Appellate Tribunal shall be appointed by the Central Government on the recommendation of a Selection Committee comprising of : (i) Governor, Reserve Bank of India or his nominee (ii) Finance Secretary/Secretary, Department of Economic Affairs (iii) Presiding Officer, Securities Appellate Tribunal The Selection Committee shall satisfy itself that the person recommended for Presiding Officer or Member, Securities Appellate Tribunal meets the requirement as prescribed in the Act, or the Rules and does not have any financial or other interest which is likely to affect prejudicially his functions as the Presiding Officer or a Member. The Government shall have the right to return the name/panel for reconsideration by the Committee and for submission of a fresh name/panel. No appointment of the Presiding Officer or Member shall be invalid merely by reason of any vacancy or any defect in the constitution of the Selection Committee.