Definition of associate and clearing roles clarifies regulatory scope for exchanges, clearing corporations and commodity exchanges. Definitions prescribe meanings for core regulatory concepts: associate (broadly including controllers, significant shareholders, relatives, HUF members and other Board-determined associates), control as per takeover regulations, clearing corporation, clearing member, trading member, settlement mechanisms netting and novation, categories of commodity derivatives exchanges, governance roles (governing board, key management personnel, public interest director, shareholder director) and regulatory department; undefined terms defer to the relevant Acts and rules.