Section 15N of The Securities and Exchange Board of India Act, 1992
The Presiding Officer or every Judicial or Technical Member of the Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office, and shall be eligible for reappointment for another term of maximum five years:
Provided that no Presiding Officer or the Judicial or Technical Member shall hold office after he has attained the age of seventy years.]
15-O. Salary and allowances and other terms and conditions of service of Presiding Officers.The salary and allowances payable to, and the other terms and conditions of service (including pension, gratuity and other retirement benefits) of, the 2[Presiding Officer and other Members of a Securities Appellate Tribunal] shall be such as may be prescribed:
Provided that neither the salary and allowances nor the other terms and conditions of services of the
3[Presiding Officer and other Members of a Securities Appellate Tribunal] shall be varied to their disadvantage after appointment.
Summary
- The Presiding Officer and all Members of the Tribunal are given a standard term of exactly five years in office.
- A person's term officially begins on the date they actually enter upon their office.
- A member is allowed to be reappointed for one additional term, which can last for a maximum of another five years.
- No member or Presiding Officer is allowed to continue holding their office after they reach the age of seventy years.
Practical examples
FAQ
1. How long is a standard initial term for a Tribunal member?
The standard term lasts for five years from the date the person enters upon their office.
2. Can a member serve more than one term on the Tribunal?
Yes, they are eligible for reappointment for another term, which can be up to a maximum of five more years.
3. Is there an absolute maximum age limit for serving on the Tribunal?
Yes, the law states that no Presiding Officer or Member shall hold office after attaining the age of seventy years.
Test yourself
Q1.Under Section 15N of The Securities and Exchange Board of India Act, 1992, what is the maximum possible number of years a person could serve as a Member if they are appointed at age fifty and get reappointed for the maximum allowed time?
Q2.Under Section 15N of The Securities and Exchange Board of India Act, 1992, at what specific age is a Presiding Officer legally required to leave their office regardless of when their term started?
Q3.Under Section 15N of The Securities and Exchange Board of India Act, 1992, if a Judicial Member finishes their first five-year term, what rule governs their future at the Tribunal?
Q4.Under Section 15N of The Securities and Exchange Board of India Act, 1992, what specific event marks the start of the five-year term of a Technical Member?