Lawgist15QResignation and removal
1[15Q. Resignation and removal.-- 2(1) [The Presiding Officer or any other Member of a Securities Appellate Tribunal may, by notice in writing under his hand addressed to the Central Government, resign his office:
Provided that 3[the Presiding Officer or any other Member] shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor inters upon his office or until the expiry of his term of office, whichever is the earliest.
4[(2) The Central Government may, after an inquiry made by the Judge of the Supreme Court, remove the Presiding Officer or Judicial Member or Technical Member of the Securities Appellate Tribunal, if he--
(a) is, or at any time has been adjudged as an insolvent;
(b) has become physically or mentally incapable of acting as the Presiding Officer, Judicial or Technical Member;
(c) has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude;
(d) has, in the opinion of the Central Government, so abused his position as to render his continuation in office detrimental to the public interest; or
(e) has acquired such financial interest or other interest as is likely to affect prejudicially his functions as the Presiding Officer or Judicial or Technical Member:
Provided that he shall not be removed from office under clauses (d) and (e), unless he has been given a reasonable opportunity of being heard in the matter.]
(3) The Central Government may, by rules, regulate the procedure for the investigation of misbehaviour or incapacity of the 5[the Presiding Officer or any other Member.]
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1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995).
2. Subs. by Act 59 of 2002, s. 24, for "Presiding Officer of a Securities Appellate Tribunal" (w.e.f. 29-10-2002).
3. Subs. by s. 24, ibid., for "the said Presiding Officer" (w.e.f. 29-10-2002).
4. Subs. by Act 7 of 2017, s.148, for sub-section (2) (w.e.f. 26-5-2017)
5. Subs. by Act 59 of 2002, s. 24, for "aforesaid Presiding Officer" (w.e.f. 29-10-2002).
- 15K Establishment of Securities Appellate Tribunals
- 15L Composition of Securities Appellate Tribunal
- 15M Qualification for appointment as Presiding Officer or Member of Securities Appellate Tribunal
- 15MA Amendment of Presiding Officer and Judicial Member
- 15MB Search-cum-Selection Committee for appointment of Technical Members
- 15MC Vacancy not to invalidate selection proceeding
- 15N Tenure of office of Presiding Officer and other Members of Securities Appellate Tribunal
- 15O Salary and allowances and other terms and conditions of service of Presiding Officers
- 15P Filling up of vacancies
- 15PA Member to act as Presiding Officer in certain circumstance
- 15Q Resignation and removal
- 15QA Qualifications, terms and conditions of service of Presiding Officer and Member
- 15R Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings
- 15S Staff of the Securities Appellate Tribunal
- 15T Appeal to the Securities Appellate Tribunal
- 15U Procedure and powers of the Securities Appellate Tribunal
- 15V Right to legal representation
- 15W Limitation
- 15X Presiding Officer, Members and staff of Securities Appellate Tribunals to be public servants
- 15Y Civil Court not to have jurisdiction
- 15Z Appeal to Supreme Court
