Amendment in the Securities and Exchange Board of India(Terms and Conditions of Service of Chairman and Members) Rules, 1992 - S.O. 3516(E) - SEBI

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 23rd December, 2015 S.O. 3516 (E).- In exercise of the powers conferred by section 29 of Securities and Exchange Board of India Act, 1992 (15 of 1992) , the Central Government hereby makes the following rules further to amend the Securities and Exchange Board of India(Terms and Conditions of Service of Chairman and Members) Rules, 1992 , namely:- 1. (1) These rules may be called the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities and Exchange Board of India(Terms and Conditions of Service of Chairman and Members) Rules, 1992 , in rule 3 , for the sub-rule (5), the following sub-rule shall be substituted, namely:- (5) The Chairman and every whole time Member shall be appointed by the Central Government on the recommendation of a Search-cum-Selection 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) Three 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 . [F. No. 2/10/2015-RE] PRAVEEN GARG, Jt. Secy. Note: The principal rules were published in the Gazette of India, Extraordinary, vide notification number S.O. 146(E), dated the 21st February, 1992 and subsequently amended vide notification numbers S.O. 153(E), dated the 7th February, 1994, S.O. 732(E), dated the 18th May, 2006, S.O. 2037, dated the 23rd July, 2009, S.O. 2442(E), dated the 7th October, 2010 and S.O. 809(E), dated the 30th December, 2013.