 financial memorandumclause 2 of the bill makes provisions for appointment of one more member this will involve expenditure of about rupees four lakh per annum from consolidated fund of india as a recurring expenditure it will aiso involve a non-recurring expenditure of rupees five lakh annexure extract from the securities and exchange boarp of inpia act, 1992    ed  management of 4 (1) the board shall consist of the following members, namely - the board(a) a chairman, (b) two members from amongst the officials of the ministries of the central government dealing with finance and law, (c) one member from amongst the officials of the reserve bank of india 2 of 1934 constituted under section 3 of the reserve bank of india act, 1934, (d) two other members, to be appointed by the central government (2) the general superintendence, direction and management of the 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 1n clauses (a) and (d) of sub-section (/) 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 subsection (/) shall be persons of ability, integrity and standing who have shown capacity in dealing with problems relating to securities market or have 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       