- The Securities and Exchange Board of India (Amendment) Bill, 2013 (the Bill) was introduced in the Lok Sabha on August 14, 2013. The Bill seeks to amend the Securities and Exchange Board of India Act, 1992 (the Act).
- The Securities and Exchange Board of India (SEBI), established by the Act, is the regulator for the securities markets in India. The Securities Appellate Tribunal (SAT), established by the Act, adjudicates on appeals against decisions made by SEBI.
- The SAT is a three member appellate authority headed by a Presiding Officer. The Presiding Officer has to be a sitting or retired Supreme Court Judge or a sitting or retired Chief Justice of a High Court.
- The Bill extends the eligibility criteria for the role of Presiding Officer of the SAT to include sitting or retired Judges of a High Court with a minimum service of seven years.
- The Bill was earlier introduced as an ordinance on January 21, 2013. However, the Lok Sabha was adjourned before it could consider a bill to replace this ordinance, which lapsed on April 4, 2013.
- Subsequently, another ordinance was promulgated on May 29, 2013 with the same provisions. The Bill has been introduced to replace the second ordinance.
DISCLAIMER: This document is being furnished to you for your information. You may choose to reproduce or redistribute this report for noncommercial purposes in part or in full to any other person with due acknowledgement of PRS Legislative Research (“PRS”). The opinions expressed herein are entirely those of the author(s). PRS makes every effort to use reliable and comprehensive information, but PRS does not represent that the contents of the report are accurate or complete. PRS is an independent, not-for-profit group. This document has been prepared without regard to the objectives or opinions of those who may receive it.