Section 15L in The Securities and Exchange Board of India Act, 1992

Title: Composition of Securities Appellate Tribunal

Description: 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

Description: 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

Description: 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).

Title: Search-cum-Selection Committee for appointment of Technical Members

Description: 1[15MB. Search-cum-Selection Committee for appointment of Technical Members.-- (1) The Technical Members of the Securities Appellate Tribunal shall be appointed by the Central Government on the recommendation of a Search-cum-Selection Committee consisting of the following, namely:-- (a) Presiding Officer, Securities Appellate Tribunal-Chairperson; (b) Secretary, Department of Economic Affairs-Member; (c) Secretary, Department of Financial Services-Member; and (d) Secretary, Legislative Department or Secretary, Department of Legal Affairs-Member. (2) The Secretary, Department of Economic Affairs shall be the Convener of the Search-cumSelection Committee. (3) The Search-cum-Selection Committee shall determine its procedure for recommending the names of persons to be appointed under sub-section (1).] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995).

Title: Vacancy not to invalidate selection proceeding

Description: 1[15MC. Vacancy not to invalidate selection proceeding.-- (1) No appointment of the Presiding Officer, a Judicial Member or a Technical Member of the Securities Appellate Tribunal shall be invalid merely by reason of any vacancy or any defect in the constitution of the Search-cum-Selection Committee. (2) A member or part time member of the Board or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, or any person at senior management level equivalent to the Executive Director in the Board or in such Authorities, shall not be appointed as Presiding Officer or Member of the Securities Appellate 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 VIII of Chapter VI of the Finance Act, 2017 (7 of 2017) shall continue to hold office for such term as he was appointed and the other provisions of this Act shall apply to such Presiding Officer or such other member, as if Part VIII of Chapter VI of the Finance Act, 2017 had not been enacted.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995).

CHAPTER 6B ESTABLISHMENT, JURISDICTION, AUTHORITY AND PROCEDURE OF APPELLATE TRIBUNAL