Brain-computer interfacing (BCI) has been the most researched technology in neuroprosthesis in the last two decades. Feature extractors and classifiers play an important role in BCI research for the generation of suitable control signals to drive an assistive device. Due to the high dimensionality of feature vectors in practical BCI systems, implantation of efficient feature selection algorithms has been an integral area of research in the past decade. This article proposes an efficient feature selection technique, realized by means of an evolutionary algorithm, which attempts to overcome some of the shortcomings of several state-of-the-art approaches in this field. The outlined scheme produces a subset of salient features which improves the classification accuracy while maintaining a trade-off with the computational speed of the complete scheme. For this purpose, an efficient memetic algorithm has also been proposed for the optimization purpose. Extensive experimental validations have been conducted on two real-world datasets to establish the efficacy of our approach. We have compared our approach to existing algorithms and have established the superiority of our algorithm to the rest.