Board composition mandates specified director categories and rotational issuer representation for limited purpose clearing corporations. Regulation 22C requires the governing board of a recognized limited purpose clearing corporation to include nominee directors, independent directors, a ... Summary
Board composition mandates specified director categories and rotational issuer representation for limited purpose clearing corporations.
Regulation 22C requires the governing board of a recognized limited purpose clearing corporation to include nominee directors, independent directors, a managing director and any other directors specified by the Reserve Bank of India or the Board. It permits a rotational representative of issuers of debt securities to be appointed and treated as a nominee director; that representative must be one of the top three public sector undertaking issuers by issue size in the preceding financial year.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.