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K.R. Srivats

New Delhi , March 19

MEMBERS of the Securities Appellate Tribunal (SAT) would henceforth be appointed by the Centre on the basis of the recommendations of a three-member selection committee. A rule to this effect has now been issued by the Central Government.

The three-member selection committee comprises the Governor of the Reserve Bank of India (RBI), the Finance Secretary/Secretary, Department of Economic Affairs (DEA) and the Presiding Officer of SAT.

Informed sources said that the Centre would have the right to return the name/panel for reconsideration by the committee and for submission of a fresh name/panel.

In the case of a Presiding Officer of SAT, the Centre has now decided that such an officer would henceforth be appointed by it on the basis of a recommendation of a selection committee to be constituted in consultation with the Chief Justice of India.

The Finance Ministry had in February 2004 appointed Mr Justice Kumar Rajaratnam, Chief Justice of the Madhya Pradesh High Court, as the Presiding Officer of SAT. He would hold office for five years or till he is 68, whichever is earlier.

SAT was set up in the latter-half of the nineties to decide on the appeals against the Securities and Exchange Board of India (SEBI)-imposed monetary penalties. The SEBI Act currently provides that the SAT would comprise the Presiding Officer and two other members.

Anyone aggrieved over an order passed by the Securities and Exchange Board of India (SEBI) can approach the three-member SAT, which is a quasi-judicial body, and file an appeal against an order.

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