Hi Rajani,
There you go, now you've asked the right question.
Of course, you can be on the interview panel.
But what is required is learning by way of observation.
Usually, in the panel, there'll be a silent member who does not ask questions but watches the candidate. They would observe the body language of the candidate. However, for that, you'll have to have experience.
What you can do is sit on the panel as a non-participant. Just observe how the experienced interviewers conduct the interview. You'll realize how to ask the right questions to get the best answer from the candidate (which I presume you'll have to practice).
There are a lot of minute procedures during an interview, which could only be learned through observation - like what to do if the candidate is tensed, what to do if there is a distraction, how to end the interview, etc.
No book can teach you these minute things.
I suggest you sit with the panel as a silent member for some 5-6 interviews and start by asking 2-3 questions per interview then move on to another 3-4 interviews.
By then, you would learn how to go about conducting the interview.
It's very easy, and if you have a liking towards it, you'll really enjoy it.
Good Luck
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Sree