Govt introduces bill for appointment of Securities Appellate Tribunal presiding officer

NEW DELHI: The government on Wednesday introduced a bill in Lok Sabha regarding appointment of presiding officer at the Securities Appellate Tribunal ( SAT).

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

The new bill will replace the ordinance regarding appointment of SAT presiding officer.

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.