Appointment of Whole Time Member under SEBI Act sets pay scale and tenure subject to age limit and government orders. Shri Prashant Saran is appointed Whole Time Member of the Securities and Exchange Board of India pursuant to Section 4(1) of the SEBI Act read with rule 3 of the Terms and Conditions Rules; appointment is effective from assumption of charge and carries the pay scale of an Additional Secretary or a consolidated monthly salary, with tenure for five years or until attaining age sixty five or until further orders, whichever is earlier.