Lok Sabha today approved amendments to the SEBI Act providing for appointment of presiding officer at the Securities Appellate Tribunal (SAT).
The Securities and Exchange Board of India (Amendment) Bill, 2013 to amend SEBI Act, 1992 was introduced in the House on August 14 by Minister of State for Finance Namo Narain Meena.
The new bill seeks to 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.
Replying to a brief debate on the bill, Finance Minister P Chidambaram assured the House that the new legislation is not meant for downgrading or diluting the powers of the tribunal.
Earlier, Saidul Haque (CPI-M) had moved a statutory resolution in the House seeking the disapproval of the ordinance promulgated by the President on May 29.
He questioned the government's decision to bring ordinance instead of Parliamentary route to amend the bill.
He demanded strong action against fraud chit fund organisations like Saradha Chit Fund in West Bengal which are allegedly running ponzi schemes.
Nishikant Dubey (BJP), Satpal Maharaj (Cong), Shailendra Kumar (SP), B Mahtab (BJD) and Raghuvansh Prasad Singh (RJD) participated in the debate.
Opposition members criticised the Government for bringing the ordinance, bypassing Parliament on such important bills.
Later, Haque withdrew the statutory resolution and the bill was passed without any opposition.
