valid as on 22/05/2024

9.5.7 – The National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018

7. Removal from office.-

(1) The Central Government may, on the recommendation of a Committee
referred to in sub-rule (1) of rule 4, remove from office the chairperson or a member, who—

(a) has been adjudged as an insolvent; or
(b) has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or
(c) has become physically or mentally incapable of acting as the chairperson or member; or
(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as the chairperson or member; or
(e) has so abused his position as to render his continuance in office prejudicial to the public interest:

Provided that the chairperson or the interested member shall not be the member of such Committee, where the subject matter of the cause is against him.

(2) No member shall be removed under clauses (b) to (e) of sub-rule (1) unless he has been given a reasonable opportunity of being heard in the matter.

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