The Rajya Sabha on Monday passed the Securities and Exchange Board of India (Amendment) Bill, 2013. The Sebi amendment Bill seeks to consider retired high court judges for the post of presiding officer of the Securities Appellate Tribunal (SAT), a statutory body that hears appeals against Sebi orders.
Currently, only a serving or retired Supreme Court judge or the chief justice of a high court can be appointed SAT chief. Finance Minister P Chidambaram told the House that the present criterion has made it impossible for the government to fill the post. The post has been lying vacant for over a year now. The government has also moved an ordinance seeking to broaden the criterion, which would enable a retired high court judge with seven years of experience to be appointed SAT chief.

Source - http://www.business-standard.com