New Prepare for NABARD 2025 exam - Based on last 4 year trend. March 5 at 5 PM. Register here

    Question

    Under what circumstances can a member can be removed

    from office by the Central Government under the IFSCA Act?
    A If they have become financially incapable Correct Answer Incorrect Answer
    B If they have been a model public servant Correct Answer Incorrect Answer
    C If they have never been adjudged insolvent Correct Answer Incorrect Answer
    D If they have not acquired a financial interest beneficial to their role Correct Answer Incorrect Answer
    E If they have been convicted of an offense involving moral turpitude Correct Answer Incorrect Answer

    Solution

    Explanation: Section 7. Removal of Member from office—The Central Government may remove from office a Member, who— (a) is, or at any time has been, adjudged as insolvent; or (b) has become physically or mentally incapable of acting as a Member; or (c) has been convicted of an offence which in the opinion of the Central Government involves moral turpitude;or (d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a Member; or (e) hasso abused his position so asto render his continuance in office detrimental to public interest: Provided that no Member shall be removed from office under clause (d) or clause (e) unless he has been given a reasonable opportunity of being heard in the matter.

    Practice Next