``The SEBI board should comprise of representative of the industry nominated by the chambers of commerce, chartered accountants, nominees of Association of Mutual Funds of India and the representatives of Association of Merchant Bankers of India, Phdcci has said in a paper prepared by it on the revival of capital market.

In fact, only one-sixth of the SEBI board should consist of finance ministry, Reserve Bank of India (RBI) and industry ministry officials, the chamber has said.

The paper has also called for prompt implementation of S Acharya Committee's recommendations as these will be important in steering towards a healthy and efficient capital market, particularly when the economy is suffering from seriouslack of demand for investment and consumption, and the investments in new ventures are constrained due to lack of capital.

Hence, domestic savings should be increased to 30 per cent of the GDP and MFs should increase the capital and net investible funds and the proceeds of increased savings should go in for investment in secondary markets, the chamber has suggested.