Section 8(1) in Securities Contracts (Regulation) Rules, 1957
(1)No person shall be eligible to be elected as a member if-(a)he is less than twenty-one years of age;(b)he is not a citizen of India; provided that the governing body may in suitable cases relax this condition with the prior approval of the [Securities and Exchange Board of India] [Substituted for 'Central Government' by the Securities Contracts (Regulation) (Amendment) Rules, w.e.f. 23.12.1996.];(c)he has been adjudged bankrupt or a receiving order in bankruptcy has been made against him or he has been proved to be insolvent even though he has obtained his final discharge;(d)he has compounded with his creditors unless he has paid sixteen annas in the rupee;(e)he has been convicted of an offence involving fraud or dishonesty;(f)he is engaged as principal or employee in any business other than that of securities [or commodity derivatives] [Inserted by the Securities Contracts (Regulation) (Amendment) Rules, 2003, w.e.f. 28.08.2003.] except as a broker or agent not involving any personal financial liability unless he undertakes on admission to sever his connection with such business :[* * *] [Omitted 'Provided that no member may conduct business in commodity derivatives, except by setting up a separate company which shall comply with the regulatory requirements, such as, net-worth, capital adequacy, margins and exposure norms as may be specified by the Forward Market Commission, from time to time :' by the Notification No. G.S.R. 664(E), dated 27.6.2017 (w.e.f. 21.2.1957).][Provided that nothing herein shall be applicable to any corporations, bodies corporate, companies or institutions referred to in clauses (a) to (n) of sub-rule (8);] [Substituted by the Notification No. G.S.R. 664(E), dated 27.6.2017 (w.e.f. 21.2.1957).](g)[***] [Omitted by GSR 1070(E) dated 15.11.1988.](h)he has been at any time expelled or declared a defaulter by any other stock exchange;(i)he has been previously refused admission to membership unless a period of one year has elapsed since the date of such rejection.
