law: Securities and Exchange Board of India Act, 1992
  5.Term of office and
  
  conditions of service of Chairman and members of the Board.- 
  (1) The term of
  
  officer and other condition of service of the Chairman and the members referred
  
  to in clause (d) of sub-section (1) of section 4 shall be such as may be
  
  prescribed.
  (2) Notwithstanding
  
  anything contained in sub-section (1), the Central Government shall have the
  
  right to terminate the services of the Chairman or a member appointed under
  
  clause (d) of sub-section (1) of section 4, at any time before the expire of
  
  the period prescribed under sub-section (1), by giving him notice of not less
  
  than three months in writing or three months' salary and allowances in lieu
  
  thereof, and the Chairman or a member, as the case may be, shall also have the
  
  right to relinquish his office, at any time before the expire of the period
  
  prescribed under sub-section (1), by giving to the Central Government notice of
  
  not less than three months in writing.