The Chairman and Whole time Members of the Board may

Solution

The Chairman and every whole-time Member shall hold office for such period, not exceeding 5 years, as many be specified in the order of his appointment; but he shall be eligible for reappointment; Provided that no person shall hold office as the Chairman or a Member after he attains the age of sixty-five years. As per Rule 3 of Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules,1992 Maximum Term is 5 Years.