Cabinet may approve change in SAT officers` appointment norms
The government is likely to discuss the proposed amendments in existing norms related to selection of the presiding officer of the SAT.
New Delhi: The government is likely to discuss the proposed amendments in existing norms related to selection of the presiding officer of the Securities Appellate Tribunal (SAT), on Thursday.
"The Cabinet is expected to take up the issue of enlarging the field of selecting presiding officer of SAT under the amendments to Securities and Exchange Board of India(Sebi) Act, 1992, in its meeting scheduled on Thursday" a source said.
A statutory body, SAT was set up to hear appeals against orders passed by Sebi.
The post of SAT presiding office has been vacant since November 28, 2011.
In September, last year, the Finance Ministry had invited applications to fill the vacancy .
SAT is required to have a presiding officer and two other members, to be appointed by the central government. A SAT member is appointed for a tenure of five years and is eligible for re-appointment, subject to a maximum age of 62 years.
As per the Finance Ministry, a member of Sebi or any other person holding a senior management-level equivalent to executive director at the market regulator would not be eligible to be appointed as SAT member during his service and for upto two years of the date on which he ceases to hold office.
The candidate should have special knowledge or experience in law, securities, finance, economics, accountancy.