Part-time member remuneration updated: meeting fees and travel/daily allowances aligned with Additional Secretary rates, reappointment allowed.
Part-time Members must have no financial or other interests likely to affect their functions; they serve terms not exceeding three years with eligibility for re-appointment, and those filling casual vacancies serve the remainder of the original term. Remuneration provides a meeting fee for each Board meeting attended and travel and daily allowances while on tour, including travel to meetings, at rates and scales applicable to an Additional Secretary to the Government of India.

Appointment of Chairman: central government appoints new SEBI chairman for a three-year term commencing on assumption of office.
Central Government, invoking Section 4 of the Securities and Exchange Board of India Act, 1992 read with rule 3 of the related service rules, appoints Shri S.S. Nadkarni as Chairman of SEBI for a fixed three-year tenure commencing on the date he assumes office, following acceptance of the prior chairman's resignation.

Council composition and committee structure revised to tighten re election limits and require non member representation with board approval.
SEBI substituted Article 105 to vest management in a Council of Management and amended Article 106 to change qualification wording and add a proviso barring persons elected for two consecutive Council terms from offering for re-election for two years. Article 130 was revised to rename and allocate Disciplinary and Grievance Committee roles, add a Grievance Committee, and require that committees include a specified minority of exchange members with the balance nominated from non-members subject to prior Board approval.