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

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).

Title: Qualifications, terms and conditions of service of Presiding Officer and Member

Description: 1[15QA.Qualifications, terms and conditions of service of Presiding Officer and Member.--Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Presiding Officer and other Members of the Appellate Tribunal appointed after the commencement of 2[the Tribunals Reforms Act, 2021, shall be governed by the provisions of Chapter II of the said Act]: Provided that the Presiding Officer and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 184 of the Finance Act, 2017 had not come into force.] 1. Ins. by Act 7 of 2017, s.178 (w.e.f. 26-5-2017). 2. Subs. by Act 33 of 2021, s. 17, for “Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act” (w.e.f. 4-4-2021).

Title: Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings

Description: 1[15R. Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings.-- No order of the Central Government appointing any person as the 2[Presiding Officer or a Member] of a Securities Appellate Tribunal shall be called in question in any manner, and no act or proceeding before a Securities Appellate Tribunal shall be called in question in any manner on the ground merely of any defect in the constitution of a Securities Appellate Tribunal.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Subs. by Act 59 of 2002, s. 25, for "Presiding Officer" (w.e.f. 29-10-2002).

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