How is the speaker of the Lok Sabha elected? What are his main functions?

The speaker presides over the meetings of the Lok Sabha and conducts its
proceedings.
 The Lok Sabha elects him in the first sitting.
 The person who gets majority is elected as the speaker to impartially conduct the
business of the House.
The speaker conducts the following functions:
 To preside over the meetings of the Lok Sabha.
 To appoint the chairperson and other members of select committees.
 To maintain discipline in the House.
 To decide whether a bill is Money Bill or not.
 To grant permission to introduce any bill in the house.
 To protect the privileges of the members of the Lok Sabha