Section 15JB in The Securities and Exchange Board of India Act, 1992
Title: Settlement of administrative and civil proceedings
1[15JB. Settlement of administrative and civil proceedings.--(1) Notwithstanding anything contained in any other law for the time being in force, any person, against whom any proceedings have been initiated or may be initiated under section 11, section 11B, section 11D, sub-section (3) of section 12 or section 15-I, may file an application in writing to the Board proposing for settlement of the proceedings initiated or to be initiated for the alleged defaults.
(2) The Board may, after taking into consideration the nature, gravity and impact of defaults, agree to the proposal for settlement, on payment of such sum by the defaulter or on such other terms as may be determined by the Board in accordance with the regulations made under this Act.
(3) The settlement proceedings under this section shall be conducted in accordance with the procedure specified in the regulations made under this Act.
(4) No appeal shall lie under section 15T against any order passed by the Board or adjudicating officer, as the case may be, under this section.
2[(5) All settlement amounts, excluding the disgorgement amount and legal costs, realised under this Act shall be credited to the Consolidated Fund of India.]]
1. Ins. by Act 27 of 2014, s. 17 (w.e.f. 20-4-2007).
2. Ins. by Act 13 of 2018, s. 186 (w.e.f. 8-3-2019).
Title: Establishment of Securities Appellate Tribunals
1[15K. Establishment of Securities Appellate Tribunal.--(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.]
1. Subs. by s. 148, ibid., for section 15K (w.e.f. 1-3-2017).
Title: Composition of Securities Appellate Tribunal
1[15L. Composition of Securities Appellate.--(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 thereof;
(b) a Bench may be constituted by the Presiding Officer of the Securities Appellate Tribunal with two or more Judicial or Technical Members as he may deem fit:
Provided that every Bench constituted shall include at least one Judicial Member and one Technical Member;
(c) the Benches of the Securities Appellate Tribunal shall ordinarily sit at Mumbai and may also sit at such other places as the Central Government may, in consultation with the Presiding Officer, notify.
(3) Notwithstanding anything 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.]
1. Subs. by s.148, ibid., for section 15L (w.e.f.1-3-2017)
Title: Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal
1[15M. Qualification for appointment as Presiding Officer, Judicial Member and Technical Member.-- A person shall not be qualified for appointment as the Presiding Officer or a Judicial Member 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 including securities market or pension funds or commodity derivatives or insurance.]
1. Subs. by s. 148, ibid., for section 15M (w.e.f. 1-3-2017).
Title: Amendment of Presiding Officer and Judicial Member
1[15MA. Appointment of Presiding Officer and Judicial Member.-- The Presiding Officer and Judicial Members of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee.]
1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995).