Board composition mandates specified director categories and rotational issuer representation for limited purpose clearing corporations. Regulation 22C requires the governing board of a recognized limited purpose clearing corporation to include nominee directors, independent directors, a managing director and any other directors specified by the Reserve Bank of India or the Board. It permits a rotational representative of issuers of debt securities to be appointed and treated as a nominee director; that representative must be one of the top three public sector undertaking issuers by issue size in the preceding financial year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Board composition mandates specified director categories and rotational issuer representation for limited purpose clearing corporations.
Regulation 22C requires the governing board of a recognized limited purpose clearing corporation to include nominee directors, independent directors, a managing director and any other directors specified by the Reserve Bank of India or the Board. It permits a rotational representative of issuers of debt securities to be appointed and treated as a nominee director; that representative must be one of the top three public sector undertaking issuers by issue size in the preceding financial year.
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