Regulation 24 - Conditions of appointment of directors.
Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2012 Chapter V GOVERNANCE OF STOCK EXCHANGES AND CLEARING CORPORATIONS
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Public interest director nominations require Board approval with fixed terms, cooling-off restriction, conflict oversight, and sitting fee limits. Regulation 24 requires prior Board approval for appointment and re-appointment of shareholder directors; mandates Board nomination of public interest ... Summary
Public interest director nominations require Board approval with fixed terms, cooling-off restriction, conflict oversight, and sitting fee limits.
Regulation 24 requires prior Board approval for appointment and re-appointment of shareholder directors; mandates Board nomination of public interest directors for a fixed three-year term or extended period with Board approval; vests final authority in the Board to resolve conflicts concerning public interest directors; allows renomination after a one-year cooling-off period or such period as the Board deems fit; and limits compensation of public interest directors to sitting fees specified under the Companies Act, 1956.
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