Bill replaces 2013 Ordinance to expand SEBI Tribunal Presiding Officer eligibility

It allows High Court Judges with at least seven years of service to be appointed, replacing a previous ordinance that made this change.

Who it concerns: 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.

What the bill does

• 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.

Also in the document

• The Bill replaces an Ordinance promulgated on January 21, 2013, because Parliament was not in session at that time.
• The text states the post of Presiding Officer had been vacant since November 29, 2011, due to the inability to find a candidate under the previous stricter eligibility criteria.
• The text notes that the vacancy hampered the functioning of the Tribunal, which serves as the appellate authority for SEBI.