Section 15PA of The Securities and Exchange Board of India Act, 1992
In the event of occurrence of any vacancy in the office of the Presiding Officer of the Securities Appellate Tribunal by reason of his death, resignation or otherwise, the senior-most Judicial Member of the Securities Appellate Tribunal shall act as the Presiding Officer until the date on which a new Presiding Officer is appointed in accordance with the provisions of this Act.]
↩1.Subs. by Act 7 of 2017, s.148, for section 15N (w.e.f. 26-5-2017).
↩2.Subs. by Act 59 of 2002, s. 22, for “Presiding Officer of a Securities Appellate Tribunal” (w.e.f. 29-10-2002).
↩3.Subs. by s. 22, ibid., for “said Presiding Officers” (w.e.f. 29-10-2002).
↩4.Subs. by s. 23, ibid., for “office of the Presiding Officer” (w.e.f. 29-10-2002).
↩5.Ins. by Act 7 of 2017, s. 148 (w.e.f. 26-5-2017).
Summary
- If the Presiding Officer's position becomes empty due to death, resignation, or other causes, a temporary leader must take over.
- The law specifically requires the senior-most Judicial Member of the Tribunal to step up and act as the Presiding Officer.
- This acting role is temporary and only lasts until a new, permanent Presiding Officer is officially appointed under the Act.
Practical examples
FAQ
1. Who takes charge if the Presiding Officer suddenly dies or resigns?
The senior-most Judicial Member of the Tribunal steps in to act as the Presiding Officer.
2. Can a Technical Member act as the Presiding Officer in an emergency?
No, the law specifically designates the senior-most Judicial Member for this emergency role.
3. How long does this temporary leader stay in charge of the Tribunal?
They stay in charge only until the date on which a new Presiding Officer is formally appointed.
Test yourself
Q1.Under Section 15PA of The Securities and Exchange Board of India Act, 1992, if the Presiding Officer resigns, who is legally designated to act in their place?
Q2.Under Section 15PA of The Securities and Exchange Board of India Act, 1992, the senior-most Judicial Member acts as Presiding Officer until a replacement is found. According to the cross-referenced Section 15N, if this acting role takes them past their seventieth birthday, can they legally continue to hold the office?
Q3.Under Section 15PA of The Securities and Exchange Board of India Act, 1992, until what specific event does the senior-most Judicial Member act as the Presiding Officer?
Q4.Under Section 15PA of The Securities and Exchange Board of India Act, 1992, which of the following events would officially trigger the senior-most Judicial Member to step up and take over?