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

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.