Regulation 4 - Composition of the Authority - SECURITIES AND EXCHANGE BOARD OF INDIA(CENTRAL LISTING AUTHORITY) REGULATIONS, 2003

Composition of the Authority 4 (1) The Authority shall, at any time, be composed of not more than eleven Members comprising of: (a) a President; (b) a Vice President; and, (c) not more than nine other Members. (2) The President, Vice President and the Members shall be appointed by the Board from amongst eminent persons of demonstrated integrity and outstanding technical and professional ability, and drawn from the judiciary, the legal profession, the academia, investor associations, exchanges, and experts in securities market or finance; 1 [Provided that not more than three Members shall be representatives of exchanges, depositories, clearing corporations or other institutions related with the securities market.] 2[ Provided further that the Board shall not appoint any person as the President ,Vice president or member unless it is satisfied that such person is agile and physically capable of carrying out the duties of his office] (3) The Chief Executive Officer of the Authority shall be the ex-officio Member- Secretary of the Authority. (4) The President, Vice President and each Member shall be appointed for a term of three years. (5) A Member shall be eligible for reappointment: Provided that a Member shall not be eligible for re-appointment as a Member or as a President or as a Vice President, if he has already served for two terms. (6) The remuneration and the terms and conditions of appointment of the Members, including the President, shall be such as may be specified by the Board: Provided that the Members who are representatives of exchanges shall not draw any remuneration from the Authority. (7) The President may, by notice in writing under his hand addressed to the Board, resign his office and the Vice President or a Member may, by notice in writing under his hand addressed to the President, resign his office. (8) The Board may, for reasonable cause, remove the President, Vice President or a member: Provided that no Member, including the President, Vice President and the Chief Executive Officer, shall be removed from office unless the reasons for such removal are communicated to him and an opportunity of being heard by the Board has been provided: Provided further that no Member removed under this sub-regulation, shall be entitled to receive any compensation for loss of office. ********** 1 Substituted by the SEBI (Central Listing Authority) (Amendment) Regulations, 2003 vide S.O.No.1204(E) dated 14.10.2003. Prior to substitution the proviso read as under: Provided that at least three Members shall be representatives of Exchanges. 2 Inserted by the SEBI (Central Listing Authority) (Amendment) Regulations, 2006, w.e.f. 21-8-2006