Ministry: 
Finance
  • Introduced
    Lok Sabha
    Aug 03, 2009
    Gray
  • Referred
    Standing Committee
    Sep 09, 2009
    Gray
  • Report
    Standing Committee
    Apr 19, 2010
    Gray
  • Withdrawn
    Lok Sabha
    Sep 05, 2012
    Gray

This Bill increases the age limit of the members of the Securities Appellate Tribunal from 62 years to 65 years.

  • The Securities and Exchange Board of India (Amendment) Bill, 2009 was introduced in the Lok Sabha on August 3, 2009. The Bill was introduced by the Minister of Finance, Shri Pranab Mukherjee.  The Bill was referred to the Department related Standing Committee on Finance (Chairperson: Dr Murli Manohar Joshi), which is expected to submit its report within three months.
  • The Securities Appellate Tribunal adjudicates upon appeals upon appeals against decisions of the Securities and Exchange Board. The Presiding Officer and Members of the Tribunal hold office for a term of five years.  The upper age limit for the Presiding Officer and Members is sixty-eight years and sixty-two years respectively.
  • Currently, the applicants for the post of Members in the Securities Appellate Tribunal to the Tribunal are retiring or retired officers of the level of Additional Secretary or Secretary to the Government of India.  They are on the verge of completing, or have completed sixty years of age at the time of selection. 
  • The Bill seeks to increase the increase the upper age limit of the Members of Tribunal from sixty-two years to sixty-five years of age.

 

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