Prior approval requirement for investments and activities; treasury investments allowed under approved investment policy. Regulation 38 mandates that recognised stock exchanges and clearing corporations utilise profits and investments per Board-specified norms, obtain prior Board approval for activities involving deployment of funds except for treasury investments made under an approved governing board investment policy, and pursue unrelated activities only through a separate legal entity with Board approval; employees are barred from simultaneous employment with investee companies and directors, committee members and employees may not accept financial benefits from such companies except meeting-related fees and expenses.