The Cabinet today accepted the Sebi Act amendment to appoint a Securities Appellate Tribunal chief. Chidambaram announced a larger field of eligibility for the presiding officer at SAT. He has even allowed retired high court judges to be eligible for the post which has been lying vacant since November 2011.
P Chidambaram said, "The Sebi Act requires the SAT to be chaired by a judge. The Act requires that the judge should either be a judge of the Supreme Court or a person who is or has been the Chief Justice of High Court. The post has been lying vacant since November 2011. We have, therefore, decided to enlarge the field of eligibility to a sitting or retired judge of a High Court with a minimum of seven years of service as a judge."