Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Regulation 24 sets strict board structure, public interest majority and director eligibility rules for depositories' governance</h1> Regulation 24 prescribes the composition and governance of a depository's governing board. It must comprise non-independent directors, public interest directors, a managing director and executive directors, with the managing and executive directors classified as non-independent. Public interest directors must be at least equal in number to non-independent directors, both for board composition, quorum, and voting validity, and the chairperson, elected from among them, holds the casting vote. Employees may be appointed as additional non-independent directors. Depository participants, their associates, agents, and foreign portfolio investors cannot be board members, subject to limited carve-outs for certain public sector and widely held institutions. Directors must collectively possess specified professional qualifications and experience.
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