The Securities and Exchange Board of India (Amendment) Bill, 2013 Passed by Rajya Sabha

The Securities and Exchange Board of India (Amendment) Bill, 2013 was passed by the Rajya Sabha on 5 September 2013. The Bill will widen the area for eligible candidates for the post of presiding officer at the Securities Appellate Tribunal. The Bill was already approved by the Lok Sabha on 27 August 2013.

Primary Features of the Securities and Exchange Board of India (Amendment) Bill, 2013

• The Securities and Exchange Board of India (Amendment) Bill, 2013 was introduced at first in the Lok Sabha on 14 August 2013.
• The Bill seeks to amend the Securities and Exchange Board of India Act, 1992.
• It is important to note that 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. SAT is headed by the Presiding Officer, who should be the sitting or retired Supreme Court Judge or a sitting or retired Chief Justice of a High Court.
• The Bill extends eligibility criteria for SAT Presiding Officer’s role and includes sitting or retired Judges of a High Court with a minimum service of seven years.
• The Bill was initially introduced as the ordinance on 21 January 2013. It then lapsed and another ordinance was promulgated on 29 May 2013 with same provisions.