Securities and Exchange Board of India Act, 1992
The Presiding Officer or every Judicial or Technical Member of the Securities Appellate Tribunal shall hold office for a term of five years from the date on which he enters upon his office, and shall be eligible for reappointment for another term of maximum five years: Provided that no Presiding Officer or the Judicial or Technical Member shall hold office after he has attained the age of seventy years.] 15-O. Salary and allowances and other terms and conditions of service of Presiding Officers.— The salary and allowances payable to, and the other terms and conditions of service (including pension, gratuity and other retirement benefits) of, the [Presiding Officer and other Members of a Securities Appellate Tribunal] shall be such as may be prescribed: Provided that neither the salary and allowances nor the other terms and conditions of services of the [Presiding Officer and other Members of a Securities Appellate Tribunal] shall be varied to their disadvantage after appointment.