Section 5 in The Securities and Exchange Board of India Act, 1992
Title: Term of office and conditions of service of Chairman and members of the Board
(1) The term of office and other conditions of service of the Chairman and the members referred to in clause (d) of sub-section (1) of section 4 shall be such as may be prescribed.
(2) Notwithstanding anything contained in sub-section (1), the Central Government shall have the right to terminate the services of the Chairman or a member appointed under clause (d) of sub-section (1) of section 4, at any time before the expiry of the period prescribed under sub-section (1), by giving him notice of not less than three months in writing or three months salary and allowances in lieu thereof, and the Chairman or a member, as the case may be, shall also have the right to relinquish his office, at any time before the expiry of the period prescribed under sub-section (1), by giving to the Central Government notice of not less than three months in writing.
Title: Removal of member from office
1*** The Central Government shall remove a member from office if he
(a) is, or at any time has been, adjudicated as insolvent;
(b) is of unsound mind and stands so declared by a competent court;
(c) has been convicted of an offence which, in the opinion of the Central Government, involves a moral turpitude;
(e) has, in the opinion of the Central Government, so abused his position as to render his continuation in office detrimental to the public interest:
Provided that no member shall be removed under this clause unless he has been given a reasonable opportunity of being heard in the matter.
1. The brackets and figure "(1)" omitted by Act 9 of 1995, s. 3 (w.e.f. 25-1-1995).
2. Clause (d) omitted by Act 9 of 1995, s. 3 (w.e.f. 25-1-1995).
(1) The Board shall meet at such times and places, and shall observe such rules of procedure in regard to the transaction of business at its meetings (including quorum at such meetings) as may be provided by regulation.
(2) The Chairman or, if for any reason, he is unable to attend a meeting of the Board, any other member chosen by the members present from amongst themselves at the meeting shall preside at the meeting.
(3) All questions which come up before any meeting of the Board shall be decided by a majority votes of the members present and voting, and, in the event of an equality of votes, the Chairman, or in his absence, the person presiding, shall have a second or casting vote.
Title: Member not to participate in meetings in certain cases
1[7A. Member not to participate in meetings in certain cases.---Any member, who is a director of a company and who as such director has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting of the Board, shall, as soon as possible after relevant circumstances have come to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Board, and the member shall not take any part in any deliberation or decision of the Board with respect to that matter.]
1. Ins. by s. 4, ibid. (w.e.f. 25-1-1995).
Title: Vacancies, etc., not to invalidate proceedings of Board
No act or proceeding of the Board shall be invalid merely by reason of---
(a) any vacancy in, or any defect in the constitution of, the Board; or
(b) any defect in the appointment of a person acting as a member of the Board; or
(c) any irregularity in the procedure of the Board not affecting the merits of the case.