Securities Tribunal members’ age limit raised to 65June 19th, 2009 - 4:47 pm ICT by IANS
New Delhi, June 19 (IANS) The government Friday approved the proposed amendment to the Securities and Exchange Board of India (SEBI) Act, 1992, to raise the upper age limit of Securities Appellate Tribunal members from 62 to 65.
According to the Section 15 of the SEBI Act, the current upper age limit of a tribunal member is 62 years. The tribunal is a forum for challenging the capital market regulator’s decisions.
“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 tribunal resulting in non- utilisation of full and effective services of such officers,” a government statement said.
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