The government on Tuesday introduced a Bill to amend the Sebi Act, which will replace a recent Ordinance that widened the norms for the selection of the presiding officer of the Securities Appellate Tribunal (SAT). The Sebi Amendment Ordinance 2013 was promulgated on January 21 in the wake of difficulty in filling up vacant post of the presiding officer in SAT, a statutory body set up to hear appeals against orders passed by Sebi.
Earlier, those qualified for the post were a sitting or retired judge of the Supreme Court or a sitting or retired chief justice of a high court. The Ordinance was brought to make those who are sitting or retired judges of a high court with a minimum seven years service eligible for the post.
