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A notification is being drafted for the IFSCA. A junior officer proposes that both Members appointed on the recommendation of the Selection Committee under Section 5(1)(d) must be whole-time Members, like the Chairperson. Which statement is correct?

The Chairperson must be whole-time, but the two Members under clause (d) may be appointed whole-time or part-time as the Central Government thinks fit. The Act gives this choice to the Central Government, not to the Selection Committee.

  1. ABoth must be whole-time, as the Act requires so for all appointed Members
  2. BBoth must be part-time, since only the Chairperson can be whole-time
  3. CEach may be whole-time or part-time, as the Central Government deems fitCorrect
  4. DThey are whole-time or part-time as decided by the Selection Committee

Explanation

Under Section 5(2) the Chairperson is a whole-time Member, while the clause (d) Members may be appointed as whole-time or part-time as the Central Government deems fit. The decision lies with the Central Government, not the Selection Committee.

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