(3)The Presiding Officer or such other member of the Securities Appellate Tribunal, holding office on the date of commencement of Part VIII of Chapter VI of the Finance Act, 2017 shall continue to hold office for such term as he was appointed and the other provisions of this Act shall apply to such Presiding Officer or such other member, as if Part VIII of Chapter VI of the Finance Act, 2017 had not been enacted.";(e)for section 15N, the following section shall be substituted, namely:-"15N. Tenure of office of Presiding Officer, Judicial or Technical Members of Securities Appellate Tribunal. - The Presiding Officer or every Judicial or Technical Member of the Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office, and shall be eligible for reappointment for another term of maximum five years:Provided that no Presiding Officer or the Judicial or Technical Member shall hold office after he has attained the age of seventy years.";(f)after section 15P, the following section shall be inserted, namely:-"15PA. Member to act as Presiding Officer in certain circumstances. - In the event of occurrence of any vacancy in the office of the Presiding Officer of the Securities Appellate Tribunal by reason of his death, resignation or otherwise, the senior-most Judicial Member of the Securities Appellate Tribunal shall act as the Presiding Officer until the date on which a new Presiding Officer is appointed in accordance with the provisions of this Act.";(g)in section 15Q, for sub-section (2), the following sub-section shall be substituted, namely:-"(2) The Central Government may, after an inquiry made by the Judge of the Supreme Court, remove the Presiding Officer or Judicial Member or Technical Member of the Securities Appellate Tribunal, if he-(a)is, or at any time has been adjudged as an insolvent;(b)has become physically or mentally incapable of acting as the Presiding Officer, Judicial or Technical Member;(c)has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude;(d)has, in the opinion of the Central Government, so abused his position as to render his continuation in office detrimental to the public interest; or(e)has acquired such financial interest or other interest as is likely to affect prejudicially his functions as the Presiding Officer or Judicial or Technical Member:Provided that he shall not be removed from office under clauses (d) and (e), unless he has been given a reasonable opportunity of being heard in the matter.";(h)In section 15T,-(I)in sub-section (1),-(A)in clause (b), for the words "under this Act,", the words "under this Act; or" shall be substituted;(B)after clause (b) and before the long line, the following clause shall be inserted, namely:-"(c) by an order of the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority,";(II)in sub-section (3), after the words "adjudicating officer", the words "or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority" shall be inserted;(III)in sub-section (5), after the words "the Board", the words "or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, as the case may be" shall be inserted;(i)in section 15U, after sub-section (3), the following sub-sections shall be inserted, namely:-"(4) Where Benches are constituted, the Presiding Officer of the Securities Appellate Tribunal may, from time to time make provisions as to the distribution of the business of the Securities Appellate Tribunal amongst the Benches and also provide for the matters which may be dealt with, by each Bench.
