PART VII
AMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
Commencement of this Part.
143.The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint, and different dates may be appointed for different provisions of this Part.
Notes on Clauses:
Clauses 143 to 145 of the Bill seek to amend certain provisions of the Securities and Exchange Board of India Act, 1992.
It is proposed to amend section 2 of the Act so as to insert therein definitions of the expressions "Insurance Regulatory and Development Authority", "Judicial Member", "Pension Fund Regulatory and Development Authority" and "Technical Member". It is proposed to substitute section 15K relating to the establishment of Securities Appellate Tribunal, section 15L relating to the composition of the Appellate Tribunal, section 15M relating to the qualifications for appointment as Presiding Officer and Judicial Member. It is further proposed to insert new sections 15MA, 15MB and section 15MC relating to appointment of Presiding Officer, Judicial Members, Search-cum-Selection Committee for appointment of Technical Members, vacancy not to invalidate selection proceedings. It is also proposed to substitute section 15N relating to tenure of the office of Presiding Officer, Judicial Members and Technical Members. It is also proposed to insert a new section 15PA authorising the Member to act as Presiding Officer in certain circumstances. It is also proposed to substitute sub-section (2) of section 15Q relating to removal of Presiding Officer, Judicial Member or Technical Member of the Tribunal. It is also proposed to make certain consequential amendments in section 15T in view of the above amendments. New sub-sections (4) to (6) are proposed to be inserted in section 15U relating to distribution of business amongst Benches, transfer cases from one Bench to another Bench.
