Govt begins search for new SAT member

Besides a presiding officer, tribunal has two members, of whom one will retire soon; FinMin invites applications to fill vacancy

The government has begun the search to appoint a new Member to the Securities Appellate Tribunal (SAT), a statutory body that hears appeals against orders passed by markets regulator Sebi.

Besides a Presiding Officer, the Tribunal has two Members one of whom is slated to retire soon.

To fill the impending vacancy, the Finance Ministry has invited applications from the eligible candidates. The appointment will be made on a contract basis for a maximum period of five years from the date of assumption of charge, or till attaining the age of 62 years, whichever is earlier.

The Member will get a salary of Rs 80,000 per month, as admissible to a Secretary to the Government of India.

A member of the Securities and Exchange Board of India (Sebi), or a person holding a senior management level post equivalent to Executive Director at Sebi, cannot be appointed a SAT Member during his tenure at the regulatory body or within two years from the date on which he ceases to hold office at Sebi.

The candidates have been asked to submit their applications, along with vigilance clearance and Integrity Certificate, among other necessary documents, by May 29.