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

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).

Title: Tenure of office of Presiding Officer and other Members of Securities Appellate Tribunal

Description: 1[15N. Tenure of office of Presiding Office, Judicial or Technical Members of Securities Appellate Tribunal.--The Presiding Officer or every Judicial or Technical Member of the Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon 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.] 1. Subs. by Act 7 of 2017, s.148, for section 15N (w.e.f. 26-5-2017).

Title: Salary and allowances and other terms and conditions of service of Presiding Officers

Description: 1[15-O. Salary and allowances and other terms and conditions of service of Presiding Officers.-- The salary and allowances payable to, and the other terms and conditions of service (including pension, gratuity and other retirement benefits) of, the 2[Presiding Officer and other Members of a Securities Appellate Tribunal] shall be such as may be prescribed: Provided that neither the salary and allowances nor the other terms and conditions of services of the 3[Presiding Officer and other Members of a Securities Appellate Tribunal] shall be varied to their disadvantage after appointment.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Subs. by Act 59 of 2002, s. 22, for "Presiding Officer of a Securities Appellate Tribunal" (w.e.f. 29-10-2002). 3. Subs. by s. 22, ibid., for "said Presiding Officers" (w.e.f. 29-10-2002).

Title: Filling up of vacancies

Description: 1[15P. Filling up of vacancies.-- If, for reason other than temporary absence, any vacancy occurs in 2[the office of the Presiding Officer or any other Member], of a Securities Appellate Tribunal, then the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Securities Appellate Tribunal from the stage at which the vacancy is filled.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Subs. by s. 23, ibid., for "office of the Presiding Officer" (w.e.f. 29-10-2002).

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