|Establishment and Constitution
- The Board shall be constituted by the Council.
- The Board shall consist of a minimum of six and a maximum of twelve members to be appointed by the Council, of whom not less than fifty per cent 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 to the Board from amongst its elected members of the Council.
- The term of two thirds 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, as far as possible, 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.