Sunday, 13 October 2013

The Securities And Exchange Board Of India (Amendment) Bill, 2013

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Current Status: Passed by Lok Sabha on Aug 27, 2013; Passed by rajya Sabha on
September 5, 2013. Ministry: Finance

Highlights Of The Bill:
• 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

• The SAT is a three member appellate authority headed by a Presiding Officer. The
Presiding Officer has to be a sitting or retired Supreme Court Judge or a sitting or
retired Chief Justice of a High Court.

• The Bill extends the eligibility criteria for the role of Presiding Officer of the SAT to
include sitting or retired Judges of a High Court with a minimum service of seven
years.
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• The Bill was earlier introduced as an ordinance on January 21, 2013. However, the
Lok Sabha was adjourned before it could consider a bill to replace this ordinance,
which lapsed on April 4, 2013.

• Subsequently, another ordinance was promulgated on May 29, 2013 with the same
provisions. The Bill has been introduced to replace the second ordinance.

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