Union Cabinet approves creation of 22nd Law Commission
New Delhi: The Union Cabinet on Wednesday approved the constitution of the 22nd Law Commission which advises the government on complex legal issues.
The term of the previous law panel had ended on August 31 last year.
With the cabinet approval, the law ministry will now notify the new panel, which will have a term of three years.
The panel will have a full-time chairperson, four full-time members (including a member secretary), and law and legislative secretaries in the law ministry as ex-officio members.
"It will also have not more than five part-time members," an official statement said.
Usually, a retired Supreme Court judge or chief justice of a high court heads the Commission.
The Commission was originally constituted in 1955 and is re-constituted every three years.
The various law commissions have so far submitted 277 reports.
The 21st Law Commission, under Justice B S Chauhan (retd), had submitted reports and working papers on key issues such as simultaneous polls to the Lok Sabha and state assemblies and a uniform civil code. While this Commission had supported simultaneous polls, it had said time was not ripe for a common code.
In 2015, a proposal was mooted to make the law panel into a permanent body either through an Act of Parliament or an executive order (resolution of the Union Cabinet). The move was, however, shelved after the Prime Minister's Office felt that the present system should continue.
In 2010 too, the then UPA government had prepared a draft cabinet note to give statutory status to the Law Commission and the law ministry had mooted to bring the Law Commission of India Bill, 2010. But the idea was again shelved.
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Govt invites application for SEBI chief post
New Delhi (PTI): The government on Monday invited applications for the post of Chairman of the Securities and Exchange Board of India (SEBI).
The current SEBI chairperson Madhavi Puri Buch's three-year term ends on February 28. Buch assumed charge at the helm of Sebi on March 2, 2022.
In a public advertisement, the department of economic affairs under the finance ministry invited applications from candidates by February 17.
"The appointment shall be made for a maximum period of 5 years from the date of assumption of charge or till attaining the age of 65 years of the appointee, whichever is earlier," the ministry said.
The chairperson will receive a pay equivalent to a secretary to the Government of India which is Rs 5,62,500 per month (without house and car), the advertisement said.
The ministry also said that keeping in view the role and importance of SEBI as a regulator, the candidate should have "high integrity, eminence and reputation preferably above 50 years with more than 25 years of professional experience".
The candidate is also required to have a "shown capacity in dealing with problems relating to securities markets, or has special knowledge or experience of law, finance, economics, accountancy' which in the opinion of the central government shall be useful to the board".
"The chairman should be a person who does not and will not have any such financial or other interests as are likely to affect prejudicially his function as the chairman," the advertisement added.
The government will appoint the SEBI chairperson on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC). The committee is also free to recommend any other person also who has not applied for the post on the basis of merit, it added.
