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Money Sep 5, 2012

Facing flak, govt withdraws Sebi Bill in Lok Sabha

New Delhi: Facing opposition from a parliamentary panel, government today withdrew a bill which sought to raise the retirement age of members of a tribunal which adjudicates on appeals against decisions of the Securities and Exchange Board of India (Sebi).

Minister of State for Finance Namo Narain Meena withdrew in the Lok Sabha the Securities and Exchange Board of India (Amendment) Bill, 2009, which provided for raising the retirement age of the tribunal members from 62 to 65 years.

Parliament of India. Reuters

The Standing Committee on Finance, headed by Yashwant Sinha, had opposed the proposal and suggested that a fixed five-year tenure be given to tribunal members, irrespective of their age. Since the government reportedly did not want to antagonise the Committee, the Cabinet decided to withdraw the Bill.

The government had moved the amendment Bill to increase the retirement age as officers of Additional Secretary or Secretary rank are normally appointed as tribunal members and at the time of their selection they are nearing 60 years, which is the retirement age from government service.

Hence, as tribunal members they get to serve for only a year or 18 months. The Bill sought to amend Section 15-N of the Sebi Act to make retirement age at 65 years.

PTI

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