Board composition rules require public interest directors to outnumber non-independent directors and elect the chair from them. The regulation mandates board composition for recognised stock exchanges and clearing corporations, requiring inclusion of non-independent directors, public interest directors, the managing director and executive directors, with employees treated as non-independent. The chairperson must be elected from public interest directors; public interest directors must be at least equal in number to non-independent directors for composition and quorum. Voting requires more public interest director votes than non-independent director votes, the chairperson has the casting vote, and trading/clearing members and certain associates are barred from board membership subject to limited exceptions.