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Amendment 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.

Clause 145 - Bill - AMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 - Bill - Clause 145 - Amendment of Chapter VIB. 145. In Chapter VIB of the principal Act,- (a) in the chapter 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 Tribuna .....

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Tribunal. 15L. (1) The Securities Appellate Tribunal shall consist of a Presiding Officer and such number of Judicial Members and Technical Members as the Central Government may determine, by notification, to exercise the powers and discharge the functions conferred on the Securities Appellate Tribunal under this Act or any other law for the time being in force. (2) Subject to the provisions of this Act,- (a) the jurisdiction of the Securities Appellate Tribunal may be exercised by Benches there .....

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hing contained in sub-section (2), the Presiding Officer may transfer a Judicial Member or a Technical Member of the Securities Appellate Tribunal from one Bench to another Bench. ; (d) for section 15M, the following sections shall be substituted, namely:- Qualifications for appointment as Presiding Officer, Judicial Member and Technical Member. 15M. A person shall not be qualified for appointment as the Presiding Officer or a Judicial Member or a Technical Member of the Securities Appellate Tri .....

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ment 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 including securities market or pension funds or commodity derivatives or insurance. Appointment of Presiding Officer and Judicial Members. 15MA. The Presiding Officer and Judicial Members of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Jus .....

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d (d) the Secretary, Legislative Department or Secretary, Department of Legal Affairs-Member. (2) The Secretary, Department of Economic Affairs shall be the Convener of the Search-cum- Selection Committee. (3) The Search-cum-Selection Committee shall determine its procedure for recommending the names of persons to be appointed under sub-section (1). Vacancy not to invalidate selection proceeding. 15MC. (1) No appointment of the Presiding Officer, a Judicial Member or a Technical Member of the Se .....

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late 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 term as he was appointed and the other provisions of thi .....

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pon his office, and shall be eligible for reappointment for another term of maximum five years: Provided that no Presiding Officer or the Judicial or Technical Member shall hold office after he has attained the age of seventy years. ; (f) after section 15P, the following section shall be inserted, namely:- Member to act as Presiding Officer in certain circumstances. 15PA. In the event of occurrence of any vacancy in the office of the Presiding Officer of the Securities Appellate Tribunal by reas .....

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ical 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) .....

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re the long line, the following clause shall be inserted, namely:- (c) by an order of the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, ; (II) in sub-section (3), after the words adjudicating officer , the words or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority shall be inserted; (III) in sub-section (5), after the words the Board , the words or the Insurance Regulatory and Dev .....

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