Board composition requires majority independent directors with mixed nomination and election for SRO governance.

The regulation requires an SRO Board of Directors dominated by independent directors with a mixed nomination-and-election composition; the Board holds general superintendence and management powers. A Chairman, an independent professional appointed with Board approval, handles daily administration. The Board may form committees (disciplinary, screening, arbitration, remuneration) whose majority members must be independent; committees may include non-directors. Office-bearers must relinquish office when the Board issues certain orders and the Board is to be reconstituted as required by the regulatory Board. Independent directors need not hold qualification shares.

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