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Amendments to the SEBI Act get Lok Sabha approval

India Infoline News Service | Mumbai |

The new Bill seeks to replace the ordinance regarding appointment of SAT presiding officer

Lok Sabha on Tuesday approved amendments to the SEBI (Securities and Exchange Board of India) Act providing for appointment of presiding officer at the Securities Appellate Tribunal (SAT).

The Securities and Exchange Board of India (Amendment) Bill, 2013 to amend SEBI Act, 1992 was introduced in the House in August by Minister of State for Finance Namo Narain Meena.

The new Bill seeks to replace the ordinance regarding appointment of SAT presiding officer. According to the proposed law, a retired and sitting High Court judges can also be appointed as head of the Tribunal.

In the old regulation, only a serving or retired Supreme Court judge or Chief Justice of a High Court could head the tribunal.

The post of SAT presiding officer fell vacant in November 2011. Since suitable candidates could not be immediately found, SEBI Act was amended by an ordinance to include sitting or retired High Court judges with at least seven years' experience as one of the qualifications for the post.

SAT adjudicates upon appeals against the decisions of capital market regulator SEBI.
 

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