GOVERNMENT OF KERALA

Law (Leg.-Publication) Department

NOTIFICATION

No. 13525/Leg.Pbn.4/2013/Law.

Dated, Thiruvananthapuram, 15th June, 2013.

The following Ordinance promulgated by the President and published in the

Gazette of India Extraordinary, Part II, Section I dated the 29th day of May, 2013

is hereby republished for general information.

By order of the Governor,

C. P. RAMARAJA PREMA PRASAD,

Law Secretary.

Kerala Gazette No. 29 dated 16th July 2013.

PART I

Section i

2

MINISTRY OF LAW AND JUSTICE

(Legislative Department)

New Delhi, the 29th May, 2013/Jyaistha 8, 1935 (Saka).

THE SECURITIES AND EXCHANGE BOARD OF INDIA (AMENDMENT)

SECOND ORDINANCE, 2013

(No. 5 OF 2013)

Promulgated by the President in the Sixty-fourth Year of the

Republic of India;

AN

ORDINANCE

further to amend the Securities and Exchange Board of India Act, 1992;

WHEREAS the Securities and Exchange Board of India (Amendment)

Ordinance, 2013 further to amend the Securities and Exchange Board of India

Act, 1992 was promulgated by the President on 21st January, 2013;

AND WHEREAS the Securities and Exchange Board of India (Amendment)

Bill, 2013 to replace the said Ordinance has been passed by the Council of

States and is pending in the House of the People;

AND WHEREAS the Securities and Exchange Board of India (Amendment)

Ordinance, 2013 has ceased to operate on the 4th day of April, 2013;

AND WHEREAS it is considered necessary to give continued effect to the

provisions of Securities and Exchange Board of India (Amendment) Ordinance,

2013 and to validate the actions taken under the said Ordinance;

AND WHEREAS Parliament is not in session and the President is satisfied

that circumstances exist which render it necessary for him to take immediate

action;

3

NOW, THEREFORE, in exercise of the powers conferred by clause (1)

of article 123 of the Constitution, the President is pleased to promulgate the

following Ordinance:—

1. Short title and commencement.—(1) This Ordinance may be called the

Securities and Exchange Board of India (Amendment) Second Ordinance, 2013.

(2)

It shall be deemed to have come into force on the 21st day of

January, 2013.

2. Amendment of section 15M.— In section 15M of the Securities and

Exchange Board of India Act, 1992 (15 of 1992), for sub-section (1) the

following sub-section shall be substituted, namely:—

“(1) A person shall not be qualified for appointment as the

Presiding Officer of the Securities Appellate Tribunal unless he—

(a) is a sitting or retired Judge of the Supreme Court or a sitting

or retired Chief Justice of a High Court; or

(b) is a sitting or retired Judge of a High Court who has completed

not less than seven years of service as a Judge in a High Court.

(1A)

The Presiding Officer of the Securities Appellate Tribunal shall be

appointed by the Central Government in consultation with the

Chief Justice of India or his nominee.”.

3. Validation and savings.—Notwithstanding the fact that the Securities

and Exchange Board of India (Amendment) Ordinance, 2013 (ord. 1 of 2013) has

ceased to operate, anything done or any action taken or purported to have

been done or taken or any permission or any direction given under the said

Ordinance shall be deemed to have been done or taken under the corresponding

provisions of this Ordinance.

PRANAB MUKHERJEE,

President.

P. K. MALHOTRA,

Secy. to the Govt. of India.