SEBI Bill for appointing SAT head passed in Rajya Sabha
Rajya Sabha cleared a Bill envisaging for broadening the criterion for appointment of Presiding Officer of the Securities Appellate Tribunal (SAT).
SAT is a statutory body that adjudicates on appeals against orders passed by SEBI.
The SEBI (Amendment) Bill, 2013, seeks to include the criterion of appointing a retired High Court judge having held the position for 7 years for heading the Tribunal.
The post of SAT chief has been vacant for over a year. The government has not been able to find a suitable judge who has dealt with commercial and capital market law. However, the SAT is not non-functional as the other 2 members of SAT are disposing of cases.
What are the existing criteria for the appointment of SAT chief?
- As per the existing criteria, only a serving or retired Supreme Court judge or Chief Justice of a High Court can head the Tribunal, but the Government is finding it difficult to fill the slot.