Press Trust of India / New Delhi Jun 19, 2009, 15:00 IST
The Cabinet today granted raised by three years to 65 the age till which members of the Securities Appellate Tribunal (SAT) can hold office.
"The Union Cabinet today gave its approval to the amendments in Section 15 N of the Securities & Exchange Board of India (SEBI) Act, 1992, by way of raising the upper age limit of the members of SAT to 65 years from the earlier 62 years," the government said in a statement.
It said the amendments to the SEBI Act will facilitate utilising the services of officials appointed members of SAT as normally retired people join the body.
"... In the stipulated 62 years of age, a maximum of two years of service is available for such officers in the SAT resulting in non-utilization of full and effective services of such officers," the statement said.
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