Rule 3 - Terms and Conditions of Service of Chairman and Members - Securities And Exchange Board of India (Terms And Conditions of Service of Chairman And Members) Rules, 1992

Terms and Conditions of Service of Chairman and Members 3. (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: 2 [ Provided that no person shall hold office as the Chairman or a 6 [ whole-time 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, member in 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. 3 [ (5) The Chairman and every whole time Member shall be appointed by the Central Government on the recommendation of a 4 [ the Financial Sector Regulatory Appointments Search Committee ] consisting of the following, namely:- (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 whole-time Member) Member; (e) 5 [ 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 ] ************ Notes 1. Substituted vide NOTIFICATION No. S.O 242 (E) dated 27-03-1992 2. Substituted vide Notification No. S.O. 732(E) dated 18-05-2006 before it was read as 1 [ Provided that the Chairman shall not hold office after he attains the age of sixty-five and a Member (other than the Chairman) shall not hold office after such Member attains the age of sixty-two years ] 3. Substituted vide Notification No. S.O. 3516 (E) dated 23-12-2015 4. Substituted vide Notification No. S.O. 27(E) dated 05-01-2016 before it was read as Search-cum-Selection Committee 5. Substituted vide Notification No. S.O. 27(E) dated 05-01-2016 before it was read as Three experts 6. Substituted vide Notification No. S.O. 4825(E) dated 12-09-2018 before it was read as, Member