(1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Ordinance, a Board by th e name of the Securities and Exchange Board of India. IS
(2) The Board ŝ iall be a body corporate ,by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Ordinance, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall, by the said name, sue or be sued.
Eslablishment and incorporation of Board.
(3) The head office of the Board shall be at Bombay.
(4) The Board may establish offices at other places in India.
4. (I) The Board shall consist of the following members, namely: —
(a) a Chairman;
(b) two members from amongst the officials of the Ministries of the Central Government dealing with Finance and Law;
(c) one member from amongst the officials of the Reserve Bank of India constituted under section 3 of the Reserve Bank of Ihrlia Act, 1984;
Management of the Board.
2 of 1934.
SEC. I] TEE GAZETTE OF INDIA EXTRAORDINARY 3
(d) two other members, to be appointed by the Central Government.
(2) The general superintendence, direction and management of the affairs of the Board shall vest in a Boaid of members, which may exercise all powers and do all acts and things which may be exercised or don*? by the Board.
(3) Save as otherwise determined by regulationsi the Chairman shall also have powers of general superintendence and direction of the affairs of the Board and may also exercise all powers and do all acts and things which may be exercised or done by that Board.
(4) The Chairman and members referred to in clause?, (a) and (d) of sub-section (I) shall be appointed by the Central Government and the members referred to in clauses (b) and (c) of that sub-section shall be nominated by the Central Government and the Reserve Bank of India respectively.
(5) The Chairman and the othor members referred 1O in clauses (a) and (d) of sub-section 0 ) shall be from amongst the p'-ir?ons of ability, integrity and standing who have shown capacity in dealing with problems relating to securities market CT have special knowledge or experience of law, finance, economies, accountancy, administration or in any other discipline which, in the opinion of the Central Government, shall be useful to the Board.