Bill replaces 2013 Ordinance to expand SEBI Tribunal Presiding Officer eligibility

This law amends the Securities and Exchange Board of India Act, 1992 to broaden the eligibility criteria for the Presiding Officer of the Securities Appellate Tribunal. It allows High Court Judges with at least seven years of service to be appointed, replacing a previous ordinance that made this change.

The law affects the Central Government (which appoints the officer), the Chief Justice of India (who is consulted for the appointment), and potential candidates for the Presiding Officer of the Securities Appellate Tribunal, specifically sitting or retired Judges of the Supreme Court, Chief Justices of High Courts, and sitting or retired Judges of High Courts with seven or more years of service.

• Amends Section 15M of the Securities and Exchange Board of India Act, 1992.
• Qualifies sitting or retired Judges of a High Court with at least seven years of service as eligible for the post of Presiding Officer of the Securities Appellate Tribunal.
• Specifies that the Presiding Officer is appointed by the Central Government in consultation with the Chief Justice of India or his nominee.
• Repeals the Securities and Exchange Board of India (Amendment) Ordinance, 2013.
• Deems the Act to have come into force on January 21, 2013.

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