Govt plans new Bill for appointment of SAT presiding officer

The government plans to introduce a new Bill with regard to appointment of presiding officer at the Securities Appellate Tribunal (SAT).The post of SAT presiding officer fell vacant in November 2011. Since suitable candidates could not be immediately found, Sebi Act was amended by way of an ordinance to include sitting or retired High Court judges with at least seven years experience as one of the qualifications for the post.To introduce a new Bill to replace the ordinance regarding appointment of SAT presiding officer, the government today withdrew the old Bill from the Rajya Sabha today.Minister of State for Finance Namo Narain Meena withdrew "the Bill further to amend the Securities and Exchange Board of India Act, 1992, which was passed by the Rajya Sabha on March 11, 2013, and laid on the Table of the Lok Sabha on March 12, 2013".SAT adjudicates upon appeals against the decisions of capital market regulator Securities and Exchange Board of India (Sebi).