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

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).

Title: Staff of the Securities Appellate Tribunal

Description: 1[15S. Staff of the Securities Appellate Tribunal.-- (1) The Central Government shall provide the Securities Appellate Tribunal with such officers and employees as that Government may think fit. (2) The officers and employees of the Securities Appellate Tribunal shall discharge their functions under general superintendence of the Presiding Officer. (3) The salaries and allowances and other conditions of service of the officers and employees of the Securities Appellate Tribunal shall be such as may be prescribed.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995).

Title: Appeal to the Securities Appellate Tribunal

Description: 1[15T. Appeal to the Securities Appellate Tribunal.-- 2[(1) Save as provided in sub-section (2), any person aggrieved,-- (a) by an order of the Board made, on and after the commencement of the Securities Laws (Second Amendment) Act, 1999 (32 of 1999), under this Act, or the rules or regulations made thereunder; or (b) by an order made by an adjudicating officer 3[[under this Act; or] 4[ (c) by an order of the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority], may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter. 5**** (3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which 6[a copy of the order made by the Board or the adjudicating officer 7[ or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority] as the case may be,] is received by him and it shall be in such form and be accompanied by such fee as may be prescribed: Provided that the Securities Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period. (4) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal may, after giving the parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against. (5) The Securities Appellate Tribunal shall send a copy of every order made by it to the 7[Board, 8[or 9[or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, as the case may be] the parties to the appeal and to the concerned adjudicating officer. (6) The appeal filed before the Securities Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). 2. Subs. by Act 32 of 1999, s. 9, for sub-section (1) (w.e.f. 16-12-1999). 3. Subs. by Act 7 of 2017, s. 148, "under this Act," (w.e.f. 26-5-2017) 4. Ins. by s.148, ibid. (w.e.f. 26-5-2017) 5. Sub-section (2) omitted by Act 27 of 2014, s. 18 (w.e.f. 18-7-2013). 6. Subs. by Act 32 of 1999, s. 9, for "a copy of the order made, by the adjudicating officer" (w.e.f. 16-12-1999). 7. Ins. by Act 7 of 2017, s.148 (w.e.f. 26-5-2017). 8 Subs. by Act 32 of 1999, s. 9, for "parties" (w.e.f. 16-12-1999). 9. Ins. by Act 7 of 2017, s.148 (w.e.f. 26-5-2017).

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