Amendment to Section 15M of SEBI Act

The Cabinet has approved the proposal made by the Department of Economic Affairs to amend Section 15M of the SEBI Act 1992 to enlarge the field of selection for the post of Presiding Officers (PO) of the Securities Appellate Tribunal (SAT) by including a sitting or a retired judge of a High Court with a minimum experience of 7 years as one of the qualification.

Amendment to the SEBI Act, 1992 will be done on the lines of the approved ordinance and a Bill will be introduced in the ensuing session of the parliament to replace the Ordinance in consultation with the Legislative department.

Currently following are elligible to hold the post of PO -

• Sitting or Retired judge of Supreme Court
• a sitting or retired Chief Justice of a High Court