Hi Rajani,
There you go, now you've asked the right question.
Of course you can be in the interview panel.
But what is required is learning by way of observation.
Ususally in the panel there'll be a silent member, who does not ask questions, but watch the candidate. He would observe the body language of the candidate. But again for that you'll have to have experience.
What you can do is, sit in the panel as a non-participant. Just observe how the experieced interviewers conduct the interview. You'll realise how to ask the right questions to get the best answer from the candidate(which I presume you'll have to practice).
There are lot of minute procedures during a interview, which could only be learnt 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 silent member for some 5-6 interviews and start by asking 2-3 questions per interview then on for another 3-4 interviews.
By then you would learn how to go about conducting the interview.
Its very easy, and if you have a liking towards it, you'll really enjoy it.
Good Luck
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sree