Management of the Board.

4. (1) The Board shall consist of the following members, namely:—

(a) a Chairman;

(b) two members from amongst the officials of the ¹[Ministry] of the Central Government dealing with Finance ²[and administration of the Companies Act, 1956 (1 of 1956)];

(c) one member from amongst the officials of ³[the Reserve Bank];

⁴[(d) five other members of whom at least three shall be the whole-time 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 Board of members, which may exercise all powers and do all acts and things which may be exercised or done by the Board.

(3) Save as otherwise determined by regulations, 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 clauses (a) and (d) of sub-section (1) 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 ⁵[Reserve Bank] respectively.

(5) The Chairman and the other members referred to in clauses (a) and (d) of sub-section (1) shall be persons of ability, integrity and standing who have shown capacity in dealing with problems relating to securities market or have special knowledge or experience of law, finance, economics, accountancy, administration or in any other discipline which, in the opinion of the Central Government, shall be useful to the Board.

1. Substituted for "Ministries" by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002.

2. Substituted for "and law", by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002.

3. Substituted for "the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act 1934 (2 of 1934)", by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002.

4. Substituted by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002. Prior to its substitution, clause (d) read as: "(d) two other members".

5.  Substituted for "Reserve Bank of India" by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002.