Independent oversight committees to address conflicts in exchange governance; heads must report to committees and managing director. Every recognised stock exchange must constitute independent oversight committees, each chaired by a public interest director, to address conflicts of interest in member regulation, listing functions, and trading and surveillance. Exchanges must follow minimum listing standards set by the Board. Heads of the relevant departments shall report directly to the respective committee and to the managing director, and actions against those heads are subject to appeal to the respective committee within a period determined by the governing board. The regulation applies mutatis mutandis to recognised clearing corporations.