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Mr. Rao is appointed to IFSCA under section 5(1)(d) on the Selection Committee's recommendation, and the Central Government appoints him as part-time. Meanwhile, the Chairperson and a SEBI nominee are in office. Which statement is correct under the Act?

The Chairperson has to be a whole-time Member, whereas the two Members appointed under clause (d) may be whole-time or part-time as the Central Government deems fit. So Mr. Rao's part-time appointment is valid.

  1. AThe Chairperson must be whole-time, while a clause (d) Member may be whole-time or part-time as the Central Government deems fitCorrect
  2. BAll Members including the Chairperson may be part-time at the Government's discretion
  3. CClause (d) Members must always be whole-time
  4. DOnly the SEBI nominee may be part-time, as ex officio Members are exempt

Explanation

Section 5(2) states the Chairperson shall be a whole-time Member, and clause (d) Members may be whole-time or part-time as the Central Government deems fit. So Mr. Rao's part-time appointment is valid. The other options misstate who has discretion.

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