Section 15R of The Securities and Exchange Board of India Act, 1992
No order of the Central Government appointing any person as the 7[Presiding Officer or a Member] of a Securities Appellate Tribunal shall be called in question in any manner, and no act or proceeding before a Securities Appellate Tribunal shall be called in question in any manner on the ground merely of any defect in the constitution of a Securities Appellate Tribunal.
Summary
- The Central Government has the authority to issue orders appointing a person as the Presiding Officer or a Member of a Securities Appellate Tribunal.
- Once the Central Government makes these appointment orders, they are final and cannot be challenged or questioned in any manner.
- If there is a defect or mistake in how the Securities Appellate Tribunal was constituted, the acts and proceedings of the Tribunal remain valid and cannot be challenged just because of that defect.
Practical examples
FAQ
1. Can I appeal to a higher court specifically to challenge the appointment of a Tribunal member?
No, the appointment orders made by the Central Government for the Presiding Officer or Members are final and cannot be questioned.
2. If the Tribunal heard my case while it had a technical defect in its makeup, is the final decision void?
No, the proceedings and actions of the Tribunal cannot be invalidated simply because of a defect in its constitution.
3. Does this provision protect the actions of the Tribunal even if a member is later removed?
Yes, it ensures that the work the Tribunal does is not disrupted or questioned merely because of administrative defects in its makeup.
Test yourself
Q1.Under Section 15R of The Securities and Exchange Board of India Act, 1992, what happens if an appellant attempts to invalidate a Tribunal proceeding by claiming there was a defect in the constitution of the Tribunal?
Q2.Under Section 15R of The Securities and Exchange Board of India Act, 1992, whose orders appointing the Presiding Officer or a Member are considered final?
Q3.Under Section 15R of The Securities and Exchange Board of India Act, 1992, on what specific grounds does the law forbid questioning the acts of the Securities Appellate Tribunal?
Q4.Under Section 15R of The Securities and Exchange Board of India Act, 1992, which two positions have their appointment orders explicitly protected from being called into question?