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CHAPTER II ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA

Section 6: Removal of member from office

The Securities and Exchange Board of India Act, 1992

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;

2* * * * *

(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.

Footnotes in the official text

  1. 1.The brackets and figure “(1)” omitted by Act 9 of 1995, s. 3 (w.e.f. 25-1-1995).
  2. 2.Cl. (d) omitted by Act 9 of 1995, s. 3 (w.e.f. 25-1-1995).