 bill no 62 of 2009 the securities and exchange board of india (amendment) bill, 2009 a billfurther to amend the securities and exchange board of india act, 1992be it enacted by parliament in the sixtieth year of the republic of  india as follows:—short title1  this act may be called the securities and exchange board of india (amendment)act, 2009proviso, for the word ''sixty-two'', the word ''sixty-five'' shall be substituted15 of 1992amendment of section 15n statement of objects and reasonsthe securities appellate tribunal was set up under section 15k of the securities and exchange board of india act, 1992 to adjudicate upon appeals against decisions of the securities and exchange board the presiding officer and members of the tribunal hold office for a term of five years and are eligible for re-appointment  the upper age limit for the presiding officer and members is sixty-eight years and sixty-two years respectively2 normally, retiring or retired officers of the level of additional secretary or secretary to the government of india are the applicants for the post of members to the tribunal and they are on the verge of completing or have completed sixty years of age at the time of selection thus with the stipulated sixty-two years of age for tribunal members, a maximum of two years of service is available for such officers in addition, the selection process too is time consuming and as a consequence on an average tribunal member holds office for about twelve to eighteen months only as a result the work of tribunal is suffering it is therefore proposed to increase the upper age limit of the members of  tribunal from sixty-two years to sixty-five years by amending section 15n of the act3 the bill seeks to achieve the above objectspranab mukherjeenew delhi;the 21st july, 2009 annexure the securities and exchange board of india act, 1992 (15 of 1992)15n the presiding officer and every other member of a securities appellate tribunal shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for re-appointment:provided that no person shall hold office as the presiding officer of the securities appellate tribunal after he has attained the age of sixty-eight years:tenure of office of presiding officer and other members of securities appellate tribunalprovided further that no person shall hold office as a member of the securities appellate tribunal after he has attained the age of sixty-two years———— a billfurther to amend the securities and exchange board of india act, 1992————(shri pranab mukherjee, minister of finance)gmgipmrnd—3441ls-(s5)—29072009