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The Central Government proposes the following appointments to the IFSCA Authority: the Chairperson as a part-time Member; one clause (d) Member as whole-time; and the other clause (d) Member as part-time. Applying Section 5(2) of the IFSCA Act, 2019, which assessment is correct?

Only the part-time Chairperson proposal is invalid. The Act says the Chairperson shall be a whole-time Member, while the two other Members appointed on the Selection Committee's recommendation may be whole-time or part-time as the Central Government considers fit.

  1. AAll three are permissible
  2. BNone is permissible, as all Members must be whole-time
  3. COnly the Chairperson's proposal is invalid; the two clause (d) arrangements are permissibleCorrect
  4. DOnly the clause (d) part-time proposal is invalid

Explanation

Section 5(2) makes the Chairperson a whole-time Member, so a part-time Chairperson is invalid. The clause (d) Members may be whole-time or part-time as the Central Government deems fit, so both proposals for them are valid.

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