- In Chapter VIB of the principal Act,-(a)in the chapter heading, for the words "Appellate Tribunal", the words "Securities Appellate Tribunal" shall be substituted;(b)for section 15K, the following section shall be substituted, namely:-"15K. Establishment of Securities Appellate Tribunal. - (1) The Central Government shall, by notification, establish a Tribunal to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force.(2)The Central Government shall also specify in the notification referred to in sub-section (1), the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.";(c)for section 15L, the following section shall be substituted, namely:-"15L. Composition of Securities Appellate Tribunal. - (1) The Securities Appellate Tribunal shall consist of a Presiding Officer and such number of Judicial Members and Technical Members as the Central Government may determine, by notification, to exercise the powers and discharge the functions conferred on the Securities Appellate Tribunal under this Act or any other law for the time being in force.(2)Subject to the provisions of this Act,-(a)the jurisdiction of the Securities Appellate Tribunal may be exercised by Benches thereof;(b)a Bench may be constituted by the Presiding Officer of the Securities Appellate Tribunal with two or more Judicial or Technical Members as he may deem fit:Provided that every Bench constituted shall include at least one Judicial Member and one Technical Member;(c)the Benches of the Securities Appellate Tribunal shall ordinarily sit at Mumbai and may also sit at such other places as the Central Government may, in consultation with the Presiding Officer, notify.(3)Notwithstanding anything contained in sub-section (2), the Presiding Officer may transfer a Judicial Member or a Technical Member of the Securities Appellate Tribunal from one Bench to another Bench.";(d)for section 15M, the following sections shall be substituted, namely:-"15M. Qualification for appointment as Presiding Officer, Judicial Member and Technical Member. - A person shall not be qualified for appointment as the Presiding Officer or a Judicial Member or a Technical Member of the Securities Appellate Tribunal, unless he-(a)is, or has been, a Judge of the Supreme Court or a Chief Justice of a High Court or a Judge of High Court for at least seven years, in the case of the Presiding Officer; and(b)is, or has been, a Judge of High Court for at least five years, in the case of a Judicial Member; or(c)in the case of a Technical Member-(i)is, or has been, a Secretary or an Additional Secretary in the Ministry or Department of the Central Government or any equivalent post in the Central Government or a State Government; or(ii)is a person of proven ability, integrity and standing having special knowledge and professional experience, of not less than fifteen years, in financial sector including securities market or pension funds or commodity derivatives or insurance.
