The Finance Ministry has begun the search to fill up the vacant position of Member at the Securities Appellate Tribunal (SAT), which hears the appeals filed against the orders passed by capital market regulator SEBI.

SAT is required to have a Presiding Officer and two other Members, to be appointed by the Central Government.

At present, SAT comprises two members S.S.N. Moorthy and P.K. Malhotra, who is also officiating as the Presiding Officer.

According to an advertisement published by the Ministry today, it has sought applications for filling up one post of member of SAT in Mumbai. The applications are required to reach by October 15 to the ministry.

The SAT member would have a five-year tenure and would be eligible for re-appointment, subject to a maximum age of 62 years.

As per the Finance Ministry, a member of SEBI or any other person holding a senior management level equivalent to Executive Director at the market regulator would not be eligible to be appointed as SAT member during his service and for up to two years of the date on which he ceases to hold office.

The candidate should have special knowledge or experience of law such as corporate and securities, finance, economics, accountancy.

SAT member would be appointed on contract basis at a pay scale of Rs 80,000 a month, as admissible to a secretary in Government of India.

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