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    Question

    Who among the following cannot be appointed as member of

    Securities Appellate Tribunal?
    A Judge of Supreme Court Correct Answer Incorrect Answer
    B Judge of High Court for at least 5 years Correct Answer Incorrect Answer
    C Additional Secretary in the Ministry of the Central Government Correct Answer Incorrect Answer
    D Person of proven ability having professional experience of not less than ten years in financial sector including securities market Correct Answer Incorrect Answer

    Solution

    Section 15M of SEBI Act: Qualification for appointment as Presiding Officer, Judicial Member and Technical Member— A person shall not be qualified for appointment as the Presiding Officer or a Judicial Member or a Technical Member of the Securities Appellate Tribunal, unless he— (a) is, or has been, a Judge of the Supreme Court or a Chief Justice of a High Court or a Judge of High Court for at least seven years, in the case of the Presiding Officer; and (b) is, or has been, a Judge of High Court for at least five years, in the case of a Judicial Member; or (c) in the case of a Technical Member–– (i) is, or has been, a Secretary or an Additional Secretary in the Ministry or Department of the Central Government or any equivalent post in the Central Government or a State Government; or (ii) is a person of proven ability, integrity and standing having special knowledge and professional experience, of not less than fifteen years, in financial sector including securities market or pension funds or commodity derivatives or insurance.

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