SEBI board terms: Central Government may terminate chair or member with three months' notice or salary in lieu. Section 5 provides that the term of office and other conditions of service for the Chairman and members under clause (d) of section 4 shall be prescribed, while preserving the Central Government's power to terminate any such appointee before the prescribed term by three months' written notice or payment of three months' salary and allowances in lieu; similarly, the Chairman or member may resign by giving three months' written notice.