Securities and Exchange Board of India Act, 1992
4.Management of the Board.-
(1) The Board shall consist of the following members, namely:--
(a) a Chairman;
(b) two members form amongst the officials of the Ministries of the Central Government dealing with Finance and Law;
one member form amongst the officials of the Reserve Bank of India constituted
under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);
(d) two other members, to be appointed by the Central Government.
(2) The genial superintendence, direction and management of he 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 Reserve Bank of India 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 haven 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.