The Institute of Company Secretaries of India (ICSI), through its President CS Pawan G. Chandak, has submitted a representation dated 16 July 2026 to the Secretary, Department of Economic Affairs, Ministry of Finance, requesting amendment of Section 15M(c) of the Securities and Exchange Board of India Act, 1992 to expressly include Company Secretaries in Practice as eligible for appointment as Technical Members of the Securities Appellate Tribunal. The representation states that Section 15M(c) presently recognises persons who have held specified senior government positions or those with at least fifteen years of professional experience in the financial sector, including the securities market, pension funds, commodity derivatives or insurance. ICSI submits that Company Secretaries in Practice possess specialised knowledge of corporate laws, governance, regulatory compliance and statutory reporting, and refers to Section 409(3)(d) of the Companies Act, 2013, which recognises Company Secretaries with at least fifteen years of practice as eligible for appointment as Technical Members of the National Company Law Tribunal. The representation requests amendment of Section 15M(c) to expressly include Company Secretaries in Practice and seeks favourable consideration of the proposal.
Institute of Company Secretaries of India
CS Pawan G. Chandak
PRESIDENT
G&CL: SAT: JUL26 | Dated: July 16, 2026
Ms. Anuradha Thakur
Secretary
Department of Economic Affairs
Ministry of Finance
NCT of Delhi
15101 , 5th Floor, C-Wing, Kartavya Bhawan
New Delhi- 110001
Respected Madam,
Subject: Request for Amendment to Section 15M(c) of the Securities and Exchange Board of India Act, 1992 to expressly include Company Secretaries in Practice as eligible for Appointment as Technical Member of Securities Appellate Tribunal
Greetings from the Institute of Company Secretaries of India!
The Institute of Company Secretaries of India (ICSI), constituted under the Company Secretaries Act, 1980, is the statutory professional body entrusted with the regulation and development of the profession of Company Secretaries in India. The Institute has consistently supported the Government and regulatory authorities in strengthening the compliance ecosystem by ensuring greater transparency, accountability and adherence to statutory requirements.
We wish to draw your kind attention to Section 15M(c) of the Securities and Exchange Board of India Act, 1992 (“the Act”), which prescribes the qualifications for appointment as a Technical Member of the Securities Appellate Tribunal. The provision reads as under:
“(c) in the case of a Technical Member—
(i) is, or has been, a Secretary or an Additional Secretary in the Ministry or Department of the Central Government or any equivalent post in the Central Government or a State Government; or
(ii) is a person of proven ability, integrity and standing having special knowledge and professional experience, of not less than fifteen years, in the financial sector including securities market or pension funds or commodity derivatives or insurance.”
The provision, as it stands, recognises persons who have held specified senior government positions, or persons of proven ability, integrity and standing having special knowledge and professional experience of not less than fifteen years in the financial sector, including the securities market, pension funds, commodity derivatives or insurance. We respectfully submit that Company Secretaries in Practice possess directly relevant expertise and should be expressly recognised as eligible professionals under this provision.
We therefore request that Section 15M(c) of the Act be suitably amended to expressly include Company Secretaries in Practice among the professionals eligible for appointment as Technical Member.
Justification:
Company Secretaries in Practice possess specialised knowledge of corporate laws, commercial laws, governance, regulatory compliance and statutory reporting. Independent verification and certification of legal and regulatory compliance is one of the core functions of the profession. These responsibilities closely align with the objectives of the Securities Appellate Tribunal to ensure accountability in the securities market and to maintain the highest levels of transparency for all stakeholders.
Further, the competence of Company Secretaries in Practice to serve in adjudicatory and quasi-judicial bodies has already been recognised by Parliament. Under Section 409(3)(d) of the Companies Act, 2013, a person who is or has been in practice as a Company Secretary for at least fifteen years is expressly qualified for appointment as a Technical Member of the National Company Law Tribunal. This statutory recognition, at the level of a Tribunal exercising wide-ranging adjudicatory powers, affirms that the profession possesses the requisite expertise, standing and experience to discharge quasi-judicial functions.
Given this established statutory role, Company Secretaries in Practice are well placed to contribute meaningfully to adjudicatory and regulatory functions relating to securities market governance, compliance and dispute resolution.
Their inclusion would widen the pool of qualified professionals available for appointment, support timely and effective regulatory functioning of the Securities Appellate Tribunal, and further the Government’s objective of Ease of Doing Business, while strengthening compliance and governance standards in the securities market.
We respectfully request that this request be favourably considered and Section 15M(c) of the Act be amended accordingly. We would be glad to furnish any further information or clarification that may be required in this regard.
Thanking you,
Yours faithfully,
(CS Pawan G. Chandak)
President
The Institute of Company Secretaries of India
