Date: 2016-01-05Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by 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 and Exchange Board of India
Executive Summary:
This notification, issued by the Ministry of Finance on January 5, 2016, amends the Securities and Exchange Board of India (SEBI) Terms and Conditions of Service of Chairman and Members Rules, 1992. The amendment alters the nomenclature of the "Search-cum-Selection Committee" and modifies the composition of experts involved. These rules will come into force on the date of their publication in the Official Gazette.
Key Points / Main Content:
* **Amendment Title:** The rules are called the Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Amendment Rules, 2016.
* **Effective Date:** The rules come into force on the date of their publication in the Official Gazette.
* **Amendments to the 1992 Rules:**
* **Committee Name Change:** In rule 3, subrule 5, the term "Search-cum-Selection Committee" is replaced with "Financial Sector Regulatory Appointments Search Committee."
* **Expert Definition:** In clause (e), "three experts" is replaced with "three outside experts."
Impact Analysis:
* **Securities and Exchange Board of India (SEBI):**
* *Impact:* SEBI's internal processes for appointing the Chairman and Members are subject to revised terminology and composition regarding the selection committee.
* *Action Required:* SEBI must update its internal documentation and procedures to reflect the new committee name and the requirement for "outside experts."
* **Financial Sector Regulatory Appointments Search Committee:**
* *Impact:* The committee is formally established by name.
* *Action Required:* The committee should adopt its new name in all official business.
* **Experts involved in the Selection Process:**
* *Impact:* Experts need to qualify as 'outside' experts
* *Action Required:* Experts involved should ensure they qualify as outside experts.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): A regulatory body for securities and commodity market in India.
Securities and Exchange Board of India Act, 1992: An act of the Parliament of India to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Rules, 1992: The principal rules governing the service conditions of the Chairman and Members of SEBI, which are being amended by this notification.
Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Amendment Rules, 2016: The amendment rules to the Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Rules, 1992.
Financial Sector Regulatory Appointments Search Committee: A search committee responsible for recommending candidates for appointment to regulatory bodies in the financial sector.
Ministry of Finance: A ministry in the Government of India responsible for the country's finances.
Department of Economic Affairs: A department within the Ministry of Finance responsible for economic policies and programs.
New Delhi: The location of the notification, likely the location of the Ministry of Finance office. It is the capital of India.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (ii)
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PUBLISHED BY AUTHORITY
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No. 26] NEW DELHI, TUESDAY, JANUARY 5, 2016/ PAUSA 15, 1937
िव(cid:7004)त म(cid:7074)ं ालय
(आ(cid:7414)थक काय (cid:6981)िवभाग)
अिधसचू ना
नई (cid:7408)द(cid:7016) ली, 5 जनवरी, 2016
का.आ. 27(अ).—क(cid:7286)(cid:7076)ीय सरकार, भारतीय (cid:7079)ितभूित और िविनमय बोड,(cid:6981) अिधिनयम, 1992 (1992 का
15) क(cid:7409) धारा 29 (cid:7367)ारा (cid:7079)द(cid:7004) त शि(cid:6989) तय(cid:7298) का (cid:7079)योग करत े (cid:7263)ए, भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) (अ(cid:7007) य(cid:6979) और
सद(cid:7021) य(cid:7298) क(cid:7409) िनबंधन और सवे ा शत(cid:7288)) िनयमावली, 1992 म(cid:7286) और संशोधन करने के िलए एतद(cid:7367)ारा िन(cid:7013) निलिखत
िनयम बनाती ह;ै अथा(cid:6981)त:-
1. (1) इन िनयम(cid:7298) को भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) (अ(cid:7007) य(cid:6979) और सद(cid:7021) य(cid:7298) क(cid:7409) िनबंधन और सेवा शत(cid:7288))
संशोधन िनयमावली, 2016 कहा जाएगा।
(2) ये राजप(cid:7074) म(cid:7286) (cid:7079)काशन क(cid:7409) तारीख को (cid:7079)वृ(cid:7004) त ह(cid:7298)गे।
2. भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) (अ(cid:7007) य(cid:6979) और सद(cid:7021) य(cid:7298) क(cid:7409) िनबंधन और सेवा शत(cid:7288)) िनयमावली, 1992 म(cid:7286),
िनयम 3 म(cid:7286), उप-िनयम(5) म(cid:7286),-
(क) ''जांच और चयन सिमित'' श(cid:7011) द(cid:7298) के (cid:7021) थान पर ''िव(cid:7004) तीय (cid:6979)े(cid:7074)क िविनयामक िनयुि(cid:6989) त जांच सिमित"
श(cid:7011) द (cid:7079)ित(cid:7021) थािपत (cid:7408)कए जाएगं े;
51 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(ख) खंड (ड.) म(cid:7286), ''तीन िवशेष(cid:6980)'' श(cid:7011) द(cid:7298) के (cid:7021) थान पर, ''तीन बाहरी िवशेष(cid:6980)'' श(cid:7011) द (cid:7079)ित(cid:7021) थािपत (cid:7408)कए
जाएगं े।
[फा. सं. 2/10/2015-आरई]
(cid:7079)वीण गग(cid:6981), संयु(cid:6989) त सिचव
(cid:7407)ट(cid:7009) पणी: मूल िनयमावली, भारत के राजप(cid:7074), असाधारण, म(cid:7286) तारीख 21 फरवरी, 1992 क(cid:7409) अिधसूचना सं(cid:6990) या
का.आ. 146(अ) (cid:7367)ारा (cid:7079)कािशत क(cid:7409) गई थी और त(cid:7004) प(cid:7019) चात तारीख 07 फरवरी, 1994 क(cid:7409) अिधसूचना
सं(cid:6990) 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(cid:6989) तूबर, 2010 के का.आ. 2442(अ), तारीख 30 (cid:7408)दस(cid:7013) बर, 2013 के
का.आ. 809(अ) और तारीख 23 (cid:7408)दस(cid:7013) बर, 2015 के का.आ. 3516(अ) (cid:7367)ारा इसम(cid:7286) सशं ोधन (cid:7408)कया गया
था।
-----
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 5th January, 2016
S.O. 27(E).ÑIn exercise of the powers conferred by 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 and
Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992, namely:-
1.(cid:32) (1) These rules may be called the Securities and Exchange Board of India (Terms and Conditions of Service of
Chairman and Members) Amendment Rules, 2016.
(2) They shall come into force on the date of their publication in the Official Gazette.
2.(cid:32) In the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members)
Rules, 1992, in rule 3, in sub-rule (5),-
(a)(cid:32) for the words “a Search-cum-Selection Committee”, the words “the Financial Sector Regulatory
Appointments Search Committee” shall be substituted;
(b)(cid:32) in clause (e), for the words “three experts” the words “three outside experts” shall be substituted.
[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, S.O. 809(E), dated the 30th December, 2013 and S.O. 3516(E) dated the 23rd December, 2015.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.