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TMI BlogAmendment of Chapter VIB- Establishment of Securities Appellate Tribunal-Composition of Securities Appellate Tribunal-Qualifications for appointment as Presiding Officer, Judicial Member and Technical Member-Appointment of Presiding Officer and Judicial Members-Search-cum- Selection Committee for appointment of Technical Members.-Vacancy not to invalidate selection proceeding-Tenure of office of Presiding Officer, Judicial or Technical Members of Securities Appellate Tribunal.-Member to act as Presiding Officer in certain circumstances.X X X X Extracts X X X X X X X X Extracts X X X X ..... apter heading, for the words APPELLATE TRIBUNAL , the words SECURITIES APPELLATE TRIBUNAL shall be substituted; (b) for section 15K, the following section shall be substituted, namely: Establishment of Securities Appellate Tribunal. 15K. (1) The Central Government shall, by notification, establish a Tribunal to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force. (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, or any person at senior management level equivalent to the Executive Director in the Board or in such Authorities, shall not be appointed as Presiding Officer or Member of the Securities Appellate Tribunal, during his service or tenure as such with the Board or with such Authorities, as the case may be, or within two years from the date on which he ceases 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 VII of Chapter VI of the Finance Act, 2017 shall continue to hold office for such te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove 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 rem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Presiding Officer of the Securities Appellate Tribunal may transfer any case pending before one Bench, for disposal, to any other Bench. (6) If a Bench of the Securities Appellate Tribunal consisting of two members differ in opinion on any point, they shall state the point or points on which they differ, and make a reference to the Presiding Officer of the Securities Appellate Tribunal who shall either hear the point or points himself or refer the case for hearing only on such point or points by one or more of the other members of the Securities Appellate Tribunal and such point or points shall be decided according to the opinion of the majority of the members of the Securities Appellate Tribunal who have heard the case, including those who ..... X X X X Extracts X X X X X X X X Extracts X X X X
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