Section 199: Composition and tenure of the board of trustees.

(1) The board of trustees of an investor protection fund shall consist of a maximum of 9 members to be drawn as follows:
(a) a representative from the dealing member firms;
(b) a representative from the securities exchange or capital trade point;
(c) a representative from the Central Securities Clearing System Limited;
(d) a representative from the Securities and Exchange Commission;
(e) one person representing the institutional investors;
(f) a representative of the Association of Capital Market Registrars;
(g) one person with proven integrity and knowledgeable in the capital market matters;
(h) one person representing registered shareholders association; and
(i) one person who shall be a legal practitioner knowledgeable in capital market matters.
(2) A member or the board of trustees shall be nominated by the board of a securities exchange or capital trade point for a period of four years on the recommendation of the body he represents:
Provided that a member may be withdrawn at any time by the body on whose recommendation he was appointed.