Amendments to Sebi Act gets Presidential assent

Posted By: Staff
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Amendments to Sebi Act gets Presidential assent
NEW DELHI: The bill amending the Sebi Act to widen the pool of eligible candidates for the post of presiding officer at the Securities Appellate Tribunal (SAT) has received the Presidential assent.

Earlier this month, Parliament had approved the Securities and Exchange Board of India (Amendment) Bill, 2013.

The bill pertains to appointment of presiding officer at SAT, which adjudicates upon appeals against the decisions of capital market regulator Sebi.

"The Securities and Exchange Board of India (Amendment) Bill, 2013 has received the assent of the President of India.

"It has now been published in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 13th September 2013 as Act No. 22 of 2013," an official release said today.

The post of SAT presiding officer had been vacant for some time and the government tried to find a judge as per the qualifications but was not successful.

In this regard, the government had issued an ordinance. The new bill replaces this ordinance. The government in July had appointed JP Devadhar, a former Justice at Bombay High Court, as the SAT presiding officer. The post was vacant since 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.


Story first published: Thursday, September 19, 2013, 11:50 [IST]
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