(1) In case of removal from office according to sub-section (2), the Government of Nepal shall remove the chairman and members from office. However, before removing them from office, the Government of Nepal shall not deprive the concerned person of a reasonable opportunity to submit his explanation. shall be exempted from:- (a) in case of ineligibility to be the chairman and member according to section 11, (b) in case of acting contrary to the interests of securities investors or harming the development of the capital market, (c) in order to achieve the purpose of the board in accordance with this Act or the rules made under this Act If there is lack of capacity to carry out the tasks to be done by the board, (d) if the certificate is revoked or banned from doing business due to bad conduct, or if he is disqualified from doing any profession or business, (e) if he absents himself from the board meeting more than three times in a row without notice.