Date: 2015-09-07Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by section 15L, read with section 15M, 15O and clauses (db) and (f) of sub-section (2) of section 29 of the Securities and Exchange Board of India Act, 1992 (15 of 1992).
**Executive Summary:**
This notification, dated September 3, 2015, introduces amendments to the Securities Appellate Tribunal Salaries, Allowances and other Terms and Conditions of Presiding Officer and other Members Rules, 2003. These amendments, referred to as the 2015 Amendment Rules, are enacted by the Central Government under the Securities and Exchange Board of India Act, 1992. The rules come into force from the date of their publication in the Official Gazette.
**Key Points / Main Content:**
* **Amendment Title and Commencement:**
* The rules are called the Securities Appellate Tribunal Salaries, Allowances and other Terms and Conditions of Presiding Officer and other Members Amendment Rules, 2015.
* They take effect from the date of publication in the Official Gazette.
* **Amendments to the 2003 Rules:**
* **Rule 2 Amendment:** Clause d is substituted to include definitions from the Insurance Act, 1938, the Insurance Regulatory Development Authority Act, 1999, and the Pension Fund Regulatory and Development Authority Act, 2013 for terms not defined within these rules.
* **Rule 10 Amendment:** Rule 10 is amended to include pensions, commodity derivatives, or insurance in matters relating to the rule.
* **Rule 11 Amendment:** Rule 11 is amended to include pensions, commodity derivatives, or insurance to any other person associated with the rule.
**Impact Analysis:**
**Stakeholder: Securities Appellate Tribunal (SAT) Members**
* Impact: The amendment broadens the scope of applicable definitions and expands the areas of expertise relevant to the Tribunal's functions, specifically regarding pensions, commodity derivatives, and insurance.
* Action Required: SAT members should familiarize themselves with the definitions and regulations outlined in the Insurance Act, 1938, the Insurance Regulatory Development Authority Act, 1999, and the Pension Fund Regulatory and Development Authority Act, 2013, as well as the implications of pensions, commodity derivatives, and insurance matters within their roles.
**Stakeholder: Central Government**
* Impact: The Central Government exercises its powers under the Securities and Exchange Board of India Act, 1992, to regulate the terms and conditions of SAT members.
* Action Required: Ensure the amendments are effectively implemented and monitored for their impact on the functioning of the Securities Appellate Tribunal.
**Stakeholder: Securities and Exchange Board of India (SEBI)**
* Impact: SEBI's regulatory framework is further clarified and aligned with related legislation concerning insurance and pension matters.
* Action Required: SEBI should note the changes to ensure compliance and alignment in their regulatory oversight of the securities market.
Key Entities Referenced
Securities and Exchange Board of India Act, 1992: A law that empowers the Central Government to make rules regarding the Securities Appellate Tribunal.
Securities Appellate Tribunal Salaries, Allowances and other Terms and Conditions of Presiding Officer and other Members Rules, 2003: The set of rules being amended by this notification.
Insurance Act, 1938: An act that defines terms used in the amended rules.
Insurance Regulatory Development Authority Act, 1999: An act that defines terms used in the amended rules.
Pension Fund Regulatory and Development Authority Act, 2013: An act that defines terms used in the amended rules.
Ministry of Finance: The ministry under which the Department of Economic Affairs and the Financial Markets Division operate.
Department of Economic Affairs: The department responsible for the notification.
Financial Markets Division: The division within the Department of Economic Affairs that issued the notification.
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[फा.सं. 3/5/2015-आरई]
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MINISTRY OF FINANCE
(Department of Economic Affairs)
(FINANCIAL MARKETS DIVISION)
NOTIFICATION
New Delhi, the 3rd September, 2015
G.S.R. 683 (E). — In exercise of the powers conferred by section 15L, read with section
15M, 15O and clauses (db) and (f) of sub-section (2) of section 29 of the Securities and Exchange
Board of India Act, 1992 (15 of 1992), the Central Government hereby makes the following rules
further to amend the Securities Appellate Tribunal (Salaries, Allowances and other Terms and
Conditions of Presiding Officer and other Members) Rules, 2003, namely:—
1. (1) These rules may be called as Securities Appellate Tribunal (Salaries, Allowances and other
Terms and Conditions of Presiding Officer and other Members) Amendment Rules, 2015.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Securities Appellate Tribunal (Salaries, Allowances & other Terms and Conditions of
Presiding Officer and other Members) Rules, 2003,-
(i) in rule 2, for clause (d), the following clause shall be substituted, namely:—
“(d) all other words and expressions used and not defined in these rules, but defined in the
Act or in the Insurance Act, 1938 (4 of 1938) or the Insurance Regulatory
Development Authority Act, 1999 (41 of 1999) or the Pension Fund Regulatory and
Development AuthorityAct, 2013 (23 of 2013), shall have the meanings respectively assigned
to them in those Acts.”;
(ii) in rule 10, after the words “in matters relating to”, the words “pensions or commodity
derivatives or insurance or” shall be inserted;¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
(iii) in rule 11, after the words “any other person associated with”, the words “pensions or
commodity derivatives or insurance or” shall be inserted.
[F. No.3/5/2015-RE]
MANOJ JOSHI, Jt. Secy.
Note : The Principal rules were published in the Gazette of India vide notification number
G.S.R.178 (E), dated the 9th March, 2004 and subsequently amended vide numbers
G.S.R.369 (E), dated the 12th June, 2013 and G.S.R. 742 (E), dated the 22nd October, 2014.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.