|Establishment and Appointment
- The Board shall be constituted by the Council.
- The Board shall consist of a maximum of twelve members to be appointed by the Council, of whom not less than 50% shall be from amongst the members of the Council.
- The Council may nominate members to the Board from outside bodies and from amongst prominent individuals of high integrity and reputation, including but not limited to, regulatory authorities, bankers, academicians, economists, legal professionals and business executives.
- The Council shall appoint the Chairman and the Vice-Chairman from amongst its elected members appointed on the Board.
- The term of two third members shall be for three years or end of the term of the member in the Council whichever is earlier, or such other period as may be prescribed by the Council from time to time. The Chairman and the Vice-Chairman of the Board may be rotated every year by the Council of the Institute.
- Casual vacancies on the Board shall be filled by the Council.
- A Member of the Disciplinary Committee or the Board of Discipline shall not be eligible for appointment as a member of the Board.
- No business shall be transacted at any meeting of the Board unless there are present at least one third members of the Board but not less than three members, including the Chairman or, in his absence, the Vice-Chairman.
- If there is no quorum within half an hour of the time fixed for the meeting, the meeting shall stand adjourned to a date, time and place fixed by the Chairman or, in this absence, the Vice-Chairman.
- The Board shall meet as and when required for transaction of the business before it. However, at least one meeting shall be held in every three months.
- The Board shall submit a report to the Council prior to the date of every meeting of the Council.