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of <h1>Stock exchange boards require public interest directors to equal or exceed non-independent directors. Chairperson elected from public interest directors.</h1> The governing board of recognized stock exchanges and clearing corporations must include non-independent directors, public interest directors, and a managing director. The chairperson is elected from public interest directors, whose number must equal or exceed non-independent directors. Employees may join the board as non-independent directors, but trading or clearing members and their associates are excluded. Directors must have expertise in capital markets, finance, legal practice, technology, or risk management. Foreign portfolio investors cannot be represented. The board must ensure ongoing compliance with these rules, and voting requires a majority of public interest directors.
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