Amendment to the SEBI Act, 1992

Amendments to the Securities & Exchange Board of India (SEBI) Act, 1992

The Union Cabinet today gave its approval to the Amendments in the Section 15 N of Securities & Exchange Board of India (SEBI) Act, 1992 by way of raising the upper age limit of the Members of Securities Appellate Tribunal to 65 years from the earlier 62 years.

Since normally only retired officials join the post, in the stipulated 62 years of age, a maximum of two years of service is available for such officers in the Securities Appellate Tribunal resulting in non utilization of full and effective services of such officers.

The amendments in the SEBI Act, will facilitate utilizing the expert / technical capacity of the officials appointed to the post for a reasonable period.