A retired high court judge with seven years of service will now be eligible for appointment as chief of Securities Appellate Tribunal (SAT), finance minister P Chidambaram said on Thursday. The Cabinet approved the proposal to amend the Securities and Exchange Board of India (SEBI) Act, 1992, to enlarge the field of selection for the post of presiding officer of the SAT, that hears the appeals against the orders of the Securities and Exchange Board of India (SEBI).

Under the existing law, only a sitting or retired judge of the Supreme Court or a sitting or retired chief justice of a high court is eligible for the SAT chief post. Chidambaram said the government had decided to enlarge the ambit of selection as it was becoming difficult to fill the vacancy.