(1) The Board shall constitute a High Powered Advisory Committee for consideration and recommendation of the terms of settlement.
(2) The High Powered Advisory Committee shall consist of a Judicial member who has been the Judge of the Supreme Court or a High Court and three external experts having expertise in securities market or in matters connected therewith or incidental thereto.
(3) The term of the members of the High Powered Advisory Committee shall be three years which may be extended for a further period of two years.
(4) The quorum for a meeting of the High Powered Advisory Committee shall be of three members.
Explanation. - Meeting includes meeting through audio-video electronic means or through the medium of electronic video linkage.
(5) The High Powered Advisory Committee shall conduct its meetings in the manner specified by the Board in this regard:
Provided that:
(i) where any member of the High Powered Advisory Committee seeks recusal, the remaining two or more members may submit their recommendation on the terms of settlement;
(ii) where no consensus or majority may be reached, the recommendation made by the Judicial member shall be considered to be the recommendation of the High Powered Advisory Committee and in case of recusal of the Judicial member, the recommendations of the remaining two or more members shall be submitted for consideration to the Panel of Whole Time Members; and 11
(iii) where all or all but one of the members of the High Powered Advisory Committee recuse themselves in respect of an application, the Board may constitute another High Powered Advisory Committee.
Internal committee(s).