Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 1994. - F. No. 20(26)/CM/93-S.O. 153 (E) - SEBI

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 7th February, 1994 S.O. 153 (E).- In exercise of the powers conferred by sub-section(l) of section 5, read with clause (a) of sub-section (2) of section 29 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Central Government hereby makes the following rules 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, 1994. (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 , after rule 19 , the following rules shall be inserted, namely :- 19A. Terms and conditions of service of part-time Members. (1) A part-time Member shall be a person who does not, and will not, have any such financial or other interest as are likely to affect prejudicially his functions as a part-time member. (2) Every part-lime Member shall hold office for such period, nit exceeding three years, as may be specified in the order of his appointment; but shall be eligible for re-appointment. (3) A part-time Member appointed to fill up a casual vacancy, shall hold office for the remainder period of the term of the whole-time or the part-time Member in whose place he is appointed. 19B. Fee and Allowances of part-time Members. (1) A part-time Member shall be entitled to receive remuneration by way of a fee of rupees one thousand only for each meeting of the Board attended by him. (2) A part-time Member while on tour (including the journey undertaken to attend a meeting of the Board) shall also be entitled to travelling allowance and daily allowance at the same rates and scale as are applicable to an Additional Secretary to the Government of India. [F. No. 20(26)/CM/93] P. J. NAYAK, Jt. Secy. Note :- The principal rules were published vide Notification S.O. 146(E) dated 21st February, 1992 .