Members of Securities Appellate Tribunal to retire at 65

The Union Cabinet has approved amendments in section 15N of the Securities & Exchange Board of India (SEBI) Act, 1992, by which the upper age limit of Members of the Securities Appellate Tribunal will be raised to 65 years from the existing 62 years.

Since normally only retired officials are appointed to the posts, the age limit of 62 years meant that they had a maximum of two years of service in the tribunal, resulting in non- utilization of their full and effective services, an official press release said.

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

NNN