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

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).

Title: Member to act as Presiding Officer in certain circumstances

Description: 1[15PA. Member to act as Presiding Officer in certain circumstances.--In the event of occurrence of any vacancy in the office of the Presiding Officer of the Securities Appellate Tribunal by reason of his death, resignation or otherwise, the senior-most Judicial Member of the Securities Appellate Tribunal shall act as the Presiding Officer until the date on which a new Presiding Officer is appointed in accordance with the provisions of this Act.] 1. Ins. by Act 7 of 2017, s. 148 (w.e.f. 26-5-2017).

Title: Resignation and removal

Description: 1[15Q. Resignation and removal.-- 2(1) [The Presiding Officer or any other Member of a Securities Appellate Tribunal may, by notice in writing under his hand addressed to the Central Government, resign his office: Provided that 3[the Presiding Officer or any other Member] shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor inters upon his office or until the expiry of his term of office, whichever is the earliest. 4[(2) The Central Government may, after an inquiry made by the Judge of the Supreme Court, remove the Presiding Officer or Judicial Member or Technical Member of the Securities Appellate Tribunal, if he— (a) is, or at any time has been adjudged as an insolvent; (b) has become physically or mentally incapable of acting as the Presiding Officer, Judicial or Technical Member; (c) has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude; (d) has, in the opinion of the Central Government, so abused his position as to render his continuation in office detrimental to the public interest; or (e) has acquired such financial interest or other interest as is likely to affect prejudicially his functions as the Presiding Officer or Judicial or Technical Member: Provided that he shall not be removed from office under clauses (d) and (e), unless he has been given a reasonable opportunity of being heard in the matter.] (3) The Central Government may, by rules, regulate the procedure for the investigation of misbehaviour or incapacity of the 5[the Presiding Officer or any other Member.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Subs. by Act 59 of 2002, s. 24, for "Presiding Officer of a Securities Appellate Tribunal" (w.e.f. 29-10-2002). 3. Subs. by s. 24, ibid., for "the said Presiding Officer" (w.e.f. 29-10-2002). 4. Subs. by Act 7 of 2017, s.148, for sub-section (2) (w.e.f. 26-5-2017) 5. Subs. by Act 59 of 2002, s. 24, for "aforesaid Presiding Officer" (w.e.f. 29-10-2002).

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