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Sub-committees of the Authority.-(1)The Authority may for any specific purpose constitute one or more sub- committees consisting of the Vice-chairman as Chairman and such other members not exceeding five on each sub-committees. (2) The Sub-committees shall exercise such of the power and perform such duties of the Authority which are delegated to it by the Authority. (3) Each Sub-committee shall meet atleast once in a month and shall observe such procedures in regard to the transaction of business at its meeting as may be provided by regulations. CHAPTER-III PROCEDURE TO ESTABLISH AND PARTICIPATE IN A REGULATORY SANDBOX