Which of the following is NOT correct about members of SEBI?

Chairman of SEBI is nominated by Union Government of India. One member is from the Reserve Bank of India. Two members, i.e. Officers are from Union Finance Ministry. 10 members are nominated by Union Government of India, out of them at least 5 shall be whole-time members.

10 members are nominated by Union Government of India, out of them at least 5 shall be whole-time members.

SEBI was established as a supervising and regulatory body to curb certain malpractices and to promote the securities markets in India. SEBI is managed by its members, which consists of following: a) Chairman who is nominated by Union Government of India. b) Two members, i.e. Officers from Union Finance Ministry. c) One member from The Reserve Bank of India. d) The remaining 5 members are nominated by Union Government of India, out of them at least 3 shall be whole-time members.