Rule -1, SEBI (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES, 1992 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

Rule -1, SEBI (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES, 1992 SECURITIES AND EXCHANGE BOARD OF INDIA (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES, 1992 In exercise of the powers conferred by section 29 of the Securities and Exchange Board of India Ordinance, 1992 (15 of 1992), the Central Government hereby makes the following rules, namely— Short title and commencement 1. (1) These rules may be called the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992. They shall come into force on the date of publication of this Notification. Definitions In these rules, unless the context otherwise required :— (a) "Ordinance" means the Securities and Exchange Board of India Ordinance, 1992 (15 of 1992). (b) "Board" means the Securities and Exchange Board of India, established under section 3 of the Ordinance. (c) " Chairman" means the Chairman of the Board. (d) " Member" means a Member of the Board. Terms and Conditions of Service of Chairman and Members (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 . 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. 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. The Chairman o