law: Securities and Exchange Board of India Act, 1992
  4.Management of the
  
  Board.- 
  (1) The Board shall
  
  consist of the following members, namely:-- 
  (a)
  
  a Chairman;
  (b)
  
  two members form amongst the officials of the Ministries of the Central
  
  Government dealing with Finance and Law;
  (c)
  
  one member form amongst the officials of the Reserve Bank of India constituted
  
  under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);
  
  (d) two other members, to be appointed by the Central Government.
  (2) The genial
  
  superintendence, direction and management of he affairs of the Board shall vest
  
  in a Board of members, which may exercise all powers and do all acts and things
  
  which may be exercised or done by the Board.
  (3) Save as otherwise
  
  determined by regulations, the Chairman shall also have powers of general
  
  superintendence and direction of the affairs of the Board and may also exercise
  
  all powers and do all acts and things which may be exercised or done by that
  
  Board.
  (4) The Chairman and
  
  members referred to in clauses (a) and (d) of sub-section (1) shall be
  
  appointed by the Central Government and the members referred to in clauses (b)
  
  and (c) of that sub-section shall be nominated by the Central Government and
  
  the Reserve Bank of India respectively.
  (5) The Chairman and
  
  the other members referred to in clauses (a) and (d) of sub-section (1) shall
  
  be persons of ability, integrity and standing who have shown capacity in
  
  dealing with problems relating to securities market or haven special knowledge
  
  or experience of law, finance, economics, accountancy, administration or in any
  
  other discipline which, in the opinion of the Central Government, shall be
  
  useful to the Board.