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Anil is proposed as a Member of the Authority under the category of two other Members appointed on recommendation of a Selection Committee. Which statement is correct under the IFSCA Act, 2019?

Anil may be appointed as a whole-time or part-time Member, as the Central Government considers fit. Only the Chairperson is required to be whole-time; the two Members chosen on the Selection Committee's recommendation have that flexibility.

  1. AHe may be appointed as a whole-time or part-time Member as the Central Government deems fitCorrect
  2. BHe must be a whole-time Member like the Chairperson
  3. CHe must be nominated ex officio by the Reserve Bank of India
  4. DHe must be an official of the Ministry dealing with Finance

Explanation

The Chairperson must be whole-time, but the two Members appointed on the Selection Committee's recommendation may be whole-time or part-time as the Central Government deems fit. RBI nominees and Finance Ministry officials fall in separate categories.

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