Board composition restrictions bar trading or clearing members and associates from exchange boards, with limited public-bank exemptions. Amendment replaces Para 14.1 to bar trading members, clearing members, their associates and agents from the governing boards of recognised stock exchanges and clearing corporations; deems directors of entities that are trading/clearing members or have such associates to be trading/clearing members for this purpose, with a proviso excluding directors of public financial institutions or public sector banks (or where ultimate promoter is public or shareholding is well diversified) and certain independent directors. Appointments remain subject to other eligibility requirements and regulatory satisfaction, and exchanges must continuously monitor compliance and update bye-laws, notify members and report implementation.
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 restrictions bar trading or clearing members and associates from exchange boards, with limited public-bank exemptions.
Amendment replaces Para 14.1 to bar trading members, clearing members, their associates and agents from the governing boards of recognised stock exchanges and clearing corporations; deems directors of entities that are trading/clearing members or have such associates to be trading/clearing members for this purpose, with a proviso excluding directors of public financial institutions or public sector banks (or where ultimate promoter is public or shareholding is well diversified) and certain independent directors. Appointments remain subject to other eligibility requirements and regulatory satisfaction, and exchanges must continuously monitor compliance and update bye-laws, notify members and report implementation.
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