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of <h1>SEBI Circular Enhances Financial Authority for Executive Directors in Stock Exchanges; Broker Directors Barred from Signing Cheques.</h1> The circular from the Securities and Exchange Board of India (SEBI) addresses the allocation of financial powers to Executive Directors of stock exchanges. It references previous directives and the Mayya Committee's report, emphasizing the need for Executive Directors to have adequate financial authority for efficient exchange operations. The circular mandates that the Governing Board authorize executives to sign cheques up to a specified limit, with higher amounts requiring additional authorization. It also prohibits broker directors from signing cheques or operating bank accounts on behalf of the exchange, following objections by the Joint Parliamentary Committee.
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