Rule 12 - Removal and Resignation - Securities Appellate Tribunal (Salaries, Allowances And Other Terms And Conditions of Presiding Officer And Other Members) Rules, 2003

Removal and Resignation 12. (1) The Central Government may remove from office, the Presiding Officer or any Member of the Appellate Tribunal, who- (a) has been adjudged an insolvent; or (b) has been convicted of an offence which, in the opinion of the Central Government involves moral turpitude; or (c) has become physically or mentally incapable of acting as the Presiding Officer or a Member; or (d) has acquired such financial or other interest as is likely to affect prejudicially his functions as the Presiding Officer or a Member; or (e) has so misbehaved or abused his position as to render his continuance in office prejudicial to the public interest. (2) Notwithstanding anything contained in sub-section (1), the Presiding Officer or a Member of the Securities Appellate Tribunal shall not be removed from his office on the ground specified in clauses (a) to (e) of sub-section (1) except by an Order by the Central Government after an inquiry made by a Judge of the Supreme Court, in which the 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 reported that the Presiding Officer or a Member ought on such ground or grounds to be removed. (3) The Central Government may suspend from office, the Presiding Officer or a Member of the Appellate Tribunal in respect of whom a reference has been made to the Supreme Court under sub-section (2), until the Central Government has passed an order on receipt of the report of the Supreme Court on such reference.