Rule 8 The Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, Holding Meetings and Provision for Offices and Officers) Rules 2016

(1) The members of the Authority appointed under clause (iii) of rule 7 shall hold office for a period of three years and shall be eligible for reappointment;

Provided that no member shall hold office for more than three terms.

Provided further that a member shall be eligible for reappointment after expiration of cooling off period of three years after his term.

(2) Notwithstanding anything contained in sub-rule (I), the Central Government shall have the right to terminate the services of a member appointed under clause (iii) of rule 7,at any time before the expiry of the period specified under sub-rule (I), by giving him notice of not less than three months in writing for reasons mentioned in sub-rule (4). and a member shall also have the right to relinquish his office, at any time before the expiry of the period specified under sub-rule (1), by giving to the Central Government notice of not less than three months in writing.

(3) The members appointed under clause (iii) of rule 7 shall hold office for a period of three years or till attaining the age of 65 years whichever is earlier.

(4) The Central Government shall remove a member from office if he—

(a) is, or at any time has been, adjudicated as insolvent;

(b) is of unsound mind and stands so declared by a competent court;

(c) has been convicted of an offence which, in the opinion of the Central Government, involves a moral turpitude;

(d) has, in the opinion of the Central Government, so abused his position as to render his continuation in office detrimental to the public interest.

Provided that no member shall be removed under this sub-rule unless he has been given a reasonable opportunity of being heard in the matter.