Date: 2015-12-23Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by section 29 of Securities and Exchange Board of India Act, 1992 15 of 1992, the Central Government hereby makes the following rules further to amend the Securities and Exchange Board of India
Executive Summary:
This notification, dated December 23, 2015, introduces amendments to the Securities and Exchange Board of India (SEBI) Terms and Conditions of Service of Chairman and Members Rules, 1992. These amendments, enacted under Section 29 of the SEBI Act of 1992, primarily concern the appointment process for the Chairman and whole-time members of SEBI. The rules took effect on the date of publication in the Official Gazette.
Key Points / Main Content:
* **Amendment Title:** The amended rules are called the "Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Amendment Rules, 2015."
* **Effective Date:** The rules came into force on the date of their publication in the Official Gazette.
* **Amendment to Rule 3:** Sub-rule 5 of Rule 3 of the Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Rules, 1992, has been substituted.
* **Search-cum-Selection Committee:** The Chairman and every whole-time Member shall be appointed by the Central Government based on the recommendation of a Search-cum-Selection Committee.
* **Committee Composition:** The Search-cum-Selection Committee consists of:
* Cabinet Secretary (Chairman)
* Additional Principal Secretary to the Prime Minister (Member)
* Secretary, Department of Economic Affairs (Member)
* Chairman, Securities and Exchange Board of India (for selection of wholetime Member) (Member)
* Three experts of repute nominated by the Central Government from a panel of experts in Finance, Economics, Law, Public Administration, Financial Markets and related subjects (Member)
Impact Analysis:
Central Government:
* Impact: The Central Government is responsible for establishing the panel of experts, nominating members to the Search-cum-Selection Committee, and ultimately appointing the Chairman and whole-time members based on the committee's recommendations.
* Action Required: The Central Government must maintain and update the panel of experts, nominate experts for the Search-cum-Selection Committee, and execute the appointment process as per the amended rules.
Securities and Exchange Board of India (SEBI):
* Impact: The amendment impacts the process by which the Chairman and whole-time members are selected, potentially affecting the board's composition and leadership.
* Action Required: The Chairman of SEBI participates in the Search-cum-Selection Committee for the selection of whole-time members.
Search-cum-Selection Committee:
* Impact: The Search-cum-Selection Committee is now formally structured.
* Action Required: The Search-cum-Selection Committee has to complete the selection process according to the mentioned guidelines.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body in India that regulates the securities market.
Securities and Exchange Board of India Act, 1992: Indian legislation that established the Securities and Exchange Board of India and defined its powers and functions.
Central Government: The executive authority of the Union of India.
Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Rules, 1992: Rules governing the service conditions of the Chairman and Members of the Securities and Exchange Board of India.
Department of Economic Affairs: A department within the Ministry of Finance, Government of India, responsible for economic policy and development.
Cabinet Secretary: The senior-most civil servant in the Government of India.
New Delhi: Capital of India
Ministry of Finance: A ministry in the Government of India responsible for the country's finances and economy.
jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99
vlk/kj.k
EXTRAORDINARY
Hkkx II—[k.M 3—mi&[k.M (ii)
PART II—Section 3—Sub-section (ii)
izkf/dkj ls izdkf'kr
PUBLISHED BY AUTHORITY
la- 2795] ubZ fnYyh] cq/okj] fnlEcj 23] 2015@ikS"k 2] 1937
No. 2795] NEW DELHI, WEDNESDAY, DECEMBER 23, 2015/PAUSA 2, 1937
ििििवववव(cid:3)(cid:3)(cid:3)(cid:3)तत तत ममममं(cid:8)ं(cid:8)ं(cid:8)ं(cid:8)ााााललललयययय
((((आआआआ(cid:3)(cid:3)(cid:3)(cid:3)थथथथकककक ककककाााायययय (cid:8)(cid:8)(cid:8)(cid:8)ििििववववभभभभाााागगगग))))
अअअअििििधधधधससससूचूचूचूचननननाााा
नई (cid:1)द(cid:3)ली, 23 (cid:1)दस(cid:7) बर, 2015
ककककाााा....आआआआ....3333555511116666((((अअअअ))))....————क(cid:11)(cid:12)ीय सरकार, भारतीय (cid:19)ितभूित और िविनमय बोड,(cid:28) अिधिनयम, 1992 (1992 का 15) क धारा 29
!ारा (cid:19)द" शि$त य% का (cid:19)योग करते (ए, भारतीय (cid:19)ितभूित और िविनमय बोड (cid:28) (अ+ य, और सद- य% क िनबंधन और सेवा शत/)
िनयमावली, 1992 म(cid:11) और संशोधन करने के िलए एत0ारा िन(cid:7) निलिखत िनयम बनाती है; अथा(cid:28)त :-
1. (1) इन िनयम% को भारतीय (cid:19)ितभूित और िविनमय बोड (cid:28) (अ+ य, और सद- य% क िनबंधन और सेवा शत/) संशोधन िनयमावली,
2015 कहा जाएगा।
(2) ये राजप; म(cid:11) (cid:19)काशन क तारीख से (cid:19)वृ" ह%गे।
2. भारतीय (cid:19)ितभूित और िविनमय बोड(cid:28) (अ+य , और सद- य% क िनबंधन और सेवा शत/) िनयमावली,1992 म(cid:11), िनयम 3 म(cid:11),
उप-िनयम (5) के -थ ान पर िन(cid:7)न िलिखत उप-िनयम (cid:19)ित- थािपत (cid:1)कया जाएगा; अथा(cid:28)त :-
''(5) क(cid:11)(cid:12)ीय सरकार, अ+ य, और (cid:19)Bय ेक पूण(cid:28)कािलक सद- य क िनयुि$ त जांच और चयन सिमित क िसफाGरश पर करेगी। इस सिमित म(cid:11)
िन(cid:7)न िलिखत शािमल ह%गे, नामत :-
(क) मंि;मंडल सिचव – अ+य ,;
(ख) (cid:19)धानमं;ी के अपर (cid:19)धान सिचव – सद- य;
(ग) सिचव, आIथक काय(cid:28) िवभाग – सद- य;
(घ) अ+य ,, भारतीय (cid:19)ितभूित और िविनमय बोड (cid:28)(पूण(cid:28)कािलक सद- य के चयनाथ(cid:28)) – सद- य;
(ङ) तीन Jय ाित(cid:19)ाKत िवशेषM (िवBत , अथ(cid:28)शा- ;, िविध, लोक (cid:19)शासन, िवB तीय बाजार के ,े;% और इसके !ारा अनुरि,त
िवषय% के िवशेषM% के पेनल से क(cid:11)(cid:12)ीय सरकार !ारा नामां(cid:1)कत (cid:1)कए जाने वाले) – सद- य।
[फा.सं.2/10/2015-आरई]
(cid:19)वीण गग(cid:28), संयु$ त सिचव
5435 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(cid:12)(cid:12)(cid:12)(cid:12)टटटट(cid:14)(cid:14)(cid:14)(cid:14)पपपपणणणणीीीी :::: मूल िनयमावली, भारत के राजप;, असाधारण म(cid:11) तारीख 21 फरवरी, 1992 क अिधसूचना संJ या का.आ. 146(अ) !ारा
(cid:19)कािशत क गई थी और तBप Oच ात तारीख 07 फरवरी, 1994 क अिधसूचना संJ या का.आ 153(अ), तारीख 18 मई, 2006 के
का.आ. 732(अ), तारीख 23 जुलाई, 2009 के का.आ. 2037, तारीख 07 अ$ तबू र, 2010 के का.आ. 2442(अ) और तारीख
30 (cid:1)दस(cid:7)ब र, 2013 के का.आ. 809(अ) !ारा इसम(cid:11) संशोधन (cid:1)कया गया था।
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 23rd December, 2015
S.O. 3516 (E).—In exercise of the powers conferred by section 29 of Securities and Exchange Board of India
Act, 1992 (15 of 1992), the Central Government hereby makes the following rules further to amend the Securities and
Exchange Board of India(Terms and Conditions of Service of Chairman and Members) Rules, 1992, namely:-
1. (1) These rules may be called the Securities and Exchange Board of India (Terms and Conditions of Service of
Chairman and Members) Amendment Rules, 2015.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Securities and Exchange Board of India(Terms and Conditions of Service of Chairman and Members)
Rules, 1992, in rule 3, for the sub-rule (5), the following sub-rule shall be substituted, namely:-
“(5) The Chairman and every whole time Member shall be appointed by the Central Government on
the recommendation of a Search-cum-Selection Committee consisting of the following, namely:-
(a) Cabinet Secretary – Chairman;
(b) Additional Principal Secretary to the Prime Minister – Member;
(c) Secretary, Department of Economic Affairs – Member;
(d) Chairman, Securities and Exchange Board of India
(for selection of whole-time Member) – Member;
(e) Three experts of repute (to be nominated by the
Central Government from a panel of experts in
the fields of Finance, Economics, Law, Public
Administration, Financial Markets and related
subjects maintained by it) —Member”.
[F. No. 2/10/2015-RE]
PRAVEEN GARG, Jt. Secy.
Note: The principal rules were published in the Gazette of India, Extraordinary, vide notification number S.O. 146(E),
dated the 21st February, 1992 and subsequently amended vide notification numbers S.O. 153(E), dated the 7th February,
1994, S.O. 732(E), dated the 18th May, 2006, S.O. 2037, dated the 23rd July, 2009, S.O. 2442(E), dated the 7th October,
2010 and S.O. 809(E), dated the 30th December, 2013.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.