Utilization of profits and investments: limited purpose clearing corporations barred from dividend distribution initially and need Board approval. Utilization of profits and investments by recognized limited purpose clearing corporations must follow Board-prescribed norms; initial dividend distribution is prohibited with profits to be transferred to the Fund in regulation 37. Corporations must obtain prior Board approval before undertaking activities involving deployment of funds, except for treasury investments made in accordance with the governing board-approved investment policy.
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.
Utilization of profits and investments: limited purpose clearing corporations barred from dividend distribution initially and need Board approval.
Utilization of profits and investments by recognized limited purpose clearing corporations must follow Board-prescribed norms; initial dividend distribution is prohibited with profits to be transferred to the Fund in regulation 37. Corporations must obtain prior Board approval before undertaking activities involving deployment of funds, except for treasury investments made in accordance with the governing board-approved investment policy.
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