New Delhi: The Cabinet is likely to approve the proposed amendments in existing norms related to selection of Presiding Officer of the Securities Appellate Tribunal on Thursday. (Agencies)
"At its meeting scheduled for tomorrow, the Cabinet is expected to take up the issue of amending the Securities and Exchange Board of India Act, 1992, with regard to selection of SAT Presiding Officer," a source said.
A statutory body, SAT has been set up to hear appeals against orders passed by the Securities and Exchange Board of India. The post of SAT Presiding Office has been lying vacant since November 28, 2011.
In September, the Finance Ministry had invited applications to fill the vacancy of SAT Presiding Officer. SAT is required to have a Presiding Officer and two other Members, to be appointed by the central government.
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.
Cabinet to discuss spectrum fees
The Cabinet is likely to consider levying one-time fee of around Rs 31,000 crore for the spectrum that incumbent telecom companies hold.
Sources said the one-time spectrum fee, as recommended by the Empowered Group of Ministers, has been listed as one of the agenda items for the Cabinet meeting on Thursday.
The EGoM has proposed to the Cabinet that a one-time fee on spectrum held by operators beyond initial allocation of 4.4 Mhz in case of GSM and above 2.5 Mhz in case of CDMA operators should be levied.
The EGoM decided that the surcharge on operators with more than 6.2 MHz would have to be paid as per 2001-indexed price (Rs 1,658 crore) for four years beginning 2008, they added.
For rest of the licence period, telecom operators will be asked to pay market determined value of spectrum which will be derived through spectrum auction starting November 12, sources said.
The government has estimated that if spectrum gets sold at minimum price fixed by it, then national exchequer will gain around Rs 30,927 crore by way of one-time spectrum charge.
In the total amount, public sector telecom companies BSNL and MTNL will have to shell out Rs 11,818 and for private players it should amount to Rs 19,109 crore.
But with failure of CDMA spectrum the estimates of government may go down. EGoM, sources said, is of view that payment from operators should be taken in 10 annual installments.
The Cabinet is likely to discuss the funding for Rs 20,000 crore of National Optical Fibre Network (NOFN) that aims to connect 2.5 lakh village panchayats with broadband internet.
Sources said that spectrum-related proposal include allocation of GSM spectrum to Tata Teleservices at old rate in Delhi circle after completion of auction process, subject to availability of airwaves.
New Delhi: The Cabinet is likely to approve the proposed amendments in existing norms related to selection of Presiding Officer of the Securities Appellate Tribunal on Thursday.