(1) The Chairman or the whole-time Member shall be a person who does not, and will not, have any such financial or other interests as are likely to affect prejudicially his functions as such Chairman or Member.
(2) The Chairman and every whole-time Member shall hold office for such period, not exceeding 5 years, as may be specified in the order of his appointment; but he shall be eligible for reappointment:
Provided that no person shall hold office as the Chairman or a Member after he attains the age of sixty-five years.
(3) The Chairman or a whole-time member appointed to fill up a causal vacancy shall hold office for the reminder period of the term of the Chairman or, as the case may be, memberin whose place he is appointed.
(4) The Chairman or whole time Member shall not accept any employment before the expiry of a period of one year from the date of demitting the office in the Securities and Exchange Board of India, except with the previous sanction of the Central Government.
1 [ (5) The Chairman and every whole time Member shall be appointed by the Central Government on the recommendation of 2[the Financial Sector Regulatory Appointments Search Committee] consisting of the following, namely:— javascript:void(0);
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(a) Cabinet Secretary - Chairman;
(b) Additional Principal Secretary to the Prime Minister - Member;
(c) Secretary, Department of Economic Affairs - Member;
(d) Chairman, Securities and Exchange Board of India (for selection of wholetime Member) - Member;
(e) 3 [ three outside experts ] of repute (to be nominated by the Central Government from a panel of experts in the fields of Finance, Economics, Law, Public Administration, Financial Markets and related subjects maintained by it) - Member.]
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